Guardian Trust owner a takeover target
Thursday, February 21st 2013, 2:51PM
Guardian Trust’s Australian owner The Trust Company is the target of an off-market takeover bid by fellow Aussie firm Equity Trustees (EQT), which is looking for full control.
Guardian Trust’s Australian owner The Trust Company is the target of an off-market takeover bid by fellow Aussie firm Equity Trustees (EQT), which is looking for full control.
EQT chairman Tony Killen said combining Equity Trustees and Trust Company was the best available corporate transaction for both companies.
"The offer will provide the opportunity for Trust Company shareholders to decide the matter," he said.
The Trust Company bought Guardian Trust from Suncorp in 2010 for $42 million.
The Trust Company's board said the offer "materially undervalues" the company. "The Board advises shareholders to take no action at this time. The Board will advise shareholders further in due course."
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