In an announcement on the ASX, Perpetual has advised TRU shareholders to approve its offer for acquisition by ignoring “all correspondence by EQT”, noting that TRU directors are recommending its “superior” offer.
“EQT has sent TRU shareholders communications, including pre-filled proxy forms,” the Perpetual statement said.
“These communications, including the pre-filled proxy forms, have not been approved or endorsed by TRU directors.
“TRU directors unanimously recommend the Perpetual proposal and recommend that shareholders complete and return the proxy form, voting for the Perpetual proposal.”
EQT’s proxy form advises shareholders who may not be able to attend the November 28 scheme of arrangement meeting to appoint EQT as their proxy vote against the Perpetual offer.
“We encourage you to complete and return this proxy form appointing EQT as your proxy to vote against the Perpetual scheme of arrangement,” the form said.
“EQT’s offer for TRU is superior for TRU shareholders seeking long-term value.”
In its response, Perpetual has said the EQT proposal “carries material risks”, including lower potential value associated with the bid than stated in the bid.
It also said EQT is unlikely to achieve its synergy estimate of $15 million, outlined in the offer.
“EQT’s approach to valuing synergies in the announcement of its revised offer is flawed,” perpetual said.
“EQT does not reflect the impact of integration costs in its analysis, nor does it recognise the lagged timing associated with synergies.
“TRU shareholders should reject the revised EQT offer by taking no action in relation to that offer.”
