The results of the synergies assessment conducted by Ernst & Young were announced on 23 July, and found an offer from Perpetual to be superior to EQT’s.
After the findings were announced, EQT offered to further negotiate terms with TRU but sought assurances that its proposal would be seriously considered.
TRU has since agreed to a revised process of further enquiry with EQT, having regard to TRU’s obligations under its scheme implementation agreement with Perpetual, TRU stated.
“As a key condition of The Trust Company undertaking the proposed further enquiry, Equity Trustees requested reciprocal provision of information,” TRU stated.
“The scope of this reciprocal enquiry has been agreed by Equity Trustees.”
TRU said given the scope of the agreed exercise, it expected to complete the process in the coming weeks.
The TRU board remains of the view the Perpetual offer is the superior one and continues to recommend it to shareholders. It currently advises shareholders to take no action with regards to the revised EQT offer.
