Equity Trustees keeps its eye on the prize

In the largely forgotten battle for Trust Co, Equity Trustees believes its proposal offers greater value over the longer term.

Spurned suitor Equity Trustees is hoping institutional shareholders in The Trust Company will agree with the argument that its deal is superior because rival bidder Perpetual’s share price is currently inflated, people familiar with the matter say.

Equity Trustees on Wednesday sweetened its hostile bid for the second time, increasing its all-scrip offer from 37 shares to 39 shares in exchange for 100 Trust Co shares, which values the financial services firm at about $267 million.

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