MELBOURNE: EQT Holdings Ltd., the parent company of Equity Trustees, said Friday it has received an unsolicited takeover proposal from BGH Capital Pty Ltd. valued at 24.75 Australian dollars per share in cash.
The indicative, non-binding proposal would acquire 100% of EQT’s outstanding shares through a scheme of arrangement, subject to deductions for any dividends declared or paid, the company said in a statement.
The proposal is conditional on several factors, including completion of due diligence, final approval from BGH’s Investment Review Committee, a mutually agreed Scheme Implementation Deed, shareholder approval, and regulatory clearances from the Foreign Investment Review Board, the Australian Competition and Consumer Commission, the Australian Prudential Regulation Authority, and the Australian Securities and Investments Commission. Other customary conditions include the absence of material adverse changes.
BGH has not requested exclusivity arrangements to conduct due diligence or negotiate transaction documentation, EQT said.
The EQT board, working with its advisers, said it will evaluate the proposal and update shareholders in due course.
“There is no certainty that the BGH Proposal will result in a formal binding offer for EQT or that any transaction will eventuate,” the company said. EQT shareholders were advised they need not take any action at this time.
EQT Holdings Ltd., listed on the Australian Securities Exchange under the ticker EQT, is the holding company for Equity Trustees, which was established in 1888 to provide independent trustee and executor services. The firm offers asset management, estate planning, philanthropic services, superannuation trusteeship, and responsible entity services for external fund managers. It has offices in Melbourne, Adelaide, Sydney, Brisbane, and Perth.
The board has authorized the release of the announcement.
