Perpetual Limited (ASX:PPT)
has informal clearance from the Australian Competition and Consumer Commission to acquire Trust Company Limited (ASX:TRU)
, clearing the way for the takeover that has been endorsed by Trust Co’s board.
The Trust Company says its directors believe that a combination with Perpetual would create significant value for shareholders of both companies and also provide substantial benefits for clients of the combined group.
Trust Co shareholders will vote on whether to approve the Perpetual offer on November 28.
Perpetual’s takeover of Trust Co is based on it selling its 13 per cent stake in Equity Trustees Limited (ASX:EQT)
, which had initially bid for Trust Co on February 21. \
Perpetual’s stake in Equity Trustees will be sold to IOOF Holdings Limited (ASX:IFL)
, another failed bidder for Trust Co.
Perpetual delivered a net profit of $60.4 million in fiscal 2013.