Perpetual bid wins final approval

Suitor's bid for Trust Company wins final regulatory approval from NZ, paving way for November scheme meeting.

Perpetual (PPT) has won final regulatory approval for its proposed acquisition of The Trust Company (TRU) from the New Zealand Overseas Investment Office.

In a statement to the Australian Securities Exchange, Perpetual welcomed the green light, after the Australian Competition and Consumer Commission approved the takeover last week.

“This final regulatory approval coincides with the lodgement yesterday of a draft scheme booklet with ASIC as we progress towards a scheme meeting of The Trust Company shareholders planned for late November," Perpetual chief executive officer Geoff Lloyd said.

Mr Lloyd's comments echo previous sentiments that the suitor still expects a scheme meeting of Trust Co shareholders will be held in late November, with a target implementation date in mid-December 2013.

Trust Co this month agreed to a sweetened takeover bid from Perpetual, with guaranteed minimum cash consideration plus dividends of $6.68 or better.

Perpetual offered 0.182 Perpetual shares for each Trust Co share, scrip alternative. 

Trust Co directors unanimously recommended the revised Perpetual offer.

For more potential takeover targets, see Tom Elliott's 10 stocks in the takeover spotlight.