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.