ACCC to review Perpetual deal

Company News

The Australian Competition and Consumer Commission will review Perpetual’s Limited (ASX:PPT) proposed acquisition of the Trust Company Limited (ASX:TRU).
 
The consumer watchdog says it’s considering the proposal to assess whether the merger will substantially lessen competition in a market.
 
Earlier this month, Perpetual entered a scheme of arrangement with The Trust Company to acquire 100 per cent of its shares, with the suitor's board unanimously recommending the proposal.
 
As part of the deal, Trust Company shareholders will receive 0.1495 Perpetual shares for each share in The Trust Company, which is equivalent to $6.17 per share.
 
In addition, The Trust Company shareholders will be paid a fully-franked special dividend of $0.22 per share.
 
Perpetual generated a net profit of $26.9 million for the first half of the current financial year.