Trust takeover battle intensifies

Takeover battle intensifies after Trust accepted Perpetual offer last week.

The battle for takeover target The Trust Company (TRU) has intensified as potential suitor Equity Trustees (EQT) extends its offer for the financial services company, a week after Trust accepted a sweetened bid from Perpetual.

In a statement to the Australian Securities Exchange, Equity said its offer provided higher long-term value than rival offers from Perpetual or IOOF Holdings (IFL) and could result in higher dividends for its shareholders.

Equity extended its offer to November 29, saying it has received agreed information on Trust Co's operations and financials and can confirm it is confident that $11 million to $15 million of cost synergies are achievable before tax per year under the deal.