Trust Co accepts Perpetual offer

Target inks sweetened takeover deal as Perpetual supports interim dividend.

The Trust Company (TRU) has agreed to a sweetened takeover bid from Perpetual (PPT), after IOOF Holdings (IFL) made a rival offer last week.

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

When added to a special dividend of 22 cents, the guaranteed minimum cash consideration plus dividends totals $6.68 or better.

The scrip alternative plus dividends totals $7.18 per Trust Co share.