The Trust Company’s Limited (ASX:TRU) board says a new takeover offer from IOOF Holdings Limited (ASX:IFL) is likely superior to a previous deal it made with Perpetual Limited (ASX:PPT).
The Trust Company says it’s provided Perpetual with three business days to match or better the IOOF offer, in accordance with the scheme implementation agreement it signed.
Perpetual has until September 9 to decide if it will make a fresh bid.
IOOF has acknowledged the determination of The Trust Company’s board.
The Trust Company posted a net profit of $11.7 million in fiscal 2013.