Perpetual

Perpetual has made a $213m takeover bid for The Trust Company. The offer comprises 0.1495 shares in Perpetual for each share in The Trust Company, plus 22 cents in cash, making a total of $6.39 per share – a 9% premium to the pre-bid close price. The price represents a multiple of 16 times The Trust Company’s expected earnings per share for the year to 30 June of 40.1 cents. The deal trumps a previous offer for The Trust Company by Equity Trustees, worth $5.94 at last nights close, and has been unanimously recommended by The Trust Company’s board,...

Perpetual has made a $213m takeover bid for The Trust Company. The offer comprises 0.1495 shares in Perpetual for each share in The Trust Company, plus 22 cents in cash, making a total of $6.39 per share – a 9% premium to the pre-bid close price. The price represents a multiple of 16 times The Trust Company’s expected earnings per share for the year to 30 June of 40.1 cents.

The deal trumps a previous offer for The Trust Company by Equity Trustees, worth $5.94 at last nights close, and has been unanimously recommended by The Trust Company’s board, in the absence of a superior proposal.

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