Trust Co picks Perpetual bid

Company News

The Trust Company Limited (ASX:TRU) has agreed to a sweetened takeover bid from Perpetual Limited (ASX:PPT) after IOOF Holdings Limited (ASX:IFL) made a rival offer last week.
 
Perpetual says it will now offer 0.182 Perpetual shares for each Trust Co share, scrip alternative.
 
Trust Co shareholders who choose to receive cash for their shareholding will receive a guaranteed minimum payment of $6.29.
 
Perpetual also supports an interim Trust Co dividend up to 17 cents per share fully franked.
 
Trust Co directors have unanimously recommended the revised Perpetual offer, subject to the advice of an independent expert.