IOOF makes Trust takeover bid

New suitor says its offer is better for shareholders than rival Perpetual scheme.

IOOF Holdings (IFL) has made a takeover bid for The Trust Company (TRU), saying its offer is better for shareholders than an earlier bid by Perpetual (PPT).

In a statement to the Australian Securities Exchange, 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, IOOF said.

The Trust Company has already signed a scheme implementation agreement with Perpetual.

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