Trust gives thumbs up to IOOF offer
The Trust Company (Trust) has quickly responded to IOOF’s take-over offer by stating that it considered the offer to be superior to that of Perpetual and has given the latter three business days to counter with a matching or better offer.
The Scheme Implementation Agreement (SIA) between Perpetual and Trust provides Perpetual with this time frame to respond in the event that Trust states it has received a superior offer.
Under the SIA Perpetual will have until the 5pm on Monday 9 September to announce a revised take-over proposal for consideration by Trust Company.
Trust received IOOF’s takeover bid yesterday and stated via the Australian Stock Exchange today that IOOF’s offer was superior.
Perpetual’s offer had already been recommended by Trust over that of Equity Trustees which first expressed an interest taking over Trust in February of this year.
Recommended for you
As the industry navigates the fallout from recent product failures, two major AFSLs have detailed their APL selection process and relationship with research houses, warning a selection error could “destroy” a licensee.
The impending retirement of financial advisers in their 50s could see the profession face significant succession challenges over the coming decade and younger advisers may not be the answer.
With a third of AFSLs being solo advisers, how can they navigate key person risk and ensure they are still attractive propositions for buyers when it comes to their succession planning?
A quarter of advisers who commenced on the FAR within the last two years have already switched licensees or practices, adding validity to practice owners’ professional year (PY) concerns.
