IOOF Holdings Limited (ASX:IFL) has made a takeover bid for Trust Company Limited (ASX:TRU), saying its offer is better for shareholders than an earlier bid by Perpetual Limited (ASX:PPT).
IOOF offers share consideration of 0.74 IOOF shares per Trust share or guaranteed minimum cash consideration, and a special dividend of 22 cents per Trust share, expected to be fully franked.
The special dividend and guaranteed minimum cash consideration will total $6.25 per Trust share.
The Trust Company has already signed a scheme implementation agreement with Perpetual.
IOOF generated a net profit of $80.4 million in fiscal 2013.