Trust prefers IOOF takeover bid

Board says a new takeover offer is likely superior to a deal it inked with Perpetual, allows three days for a fresh proposal.

The Trust Company's (TRU) board says a new takeover offer from IOOF Holdings (IFL) is likely superior to a previous deal it made with Perpetual (PPT).

In a statement to the Australian Securities Exchange, Trust Co said it has provided Perpetual with three business days to match or better the IOOF offer, in accordance with the scheme implementation agreement it signed.

Perpetual has until 5pm on September 9 to decide if it will make a fresh bid and Trust has until 8pm that day to accept the IOOF offer.

It is understood Trust Co would have to pay a $2 million break fee to Perpetual if it recommends another offer.