Aug 18 (Reuters) – Australian investment manager EQT Holdings said on Tuesday it had received a takeover proposal from U.S.-based brokerage firm TPG Global, LLC, valuing the company at A$657.8 million ($467.63 million).
Here are more details:
• The bid is at an indicative price of A$24.55 per share in cash, representing a 41.8% premium to EQT’s closing price on Monday.
• TPG has requested a period of exclusivity to conduct due diligence, EQT said.
• The proposal is indicative and non-binding, and remains subject to several conditions, including approval from TPG’s Investment Review Committee and a recommendation from the EQT board.
• The announcement comes as EQT continues to reshape its business and deal with regulatory scrutiny.
• EQT reiterated its decision to exit the independent superannuation trusteeship business through its Equity Trustees Superannuation unit.
• The exit comes as the firm defends itself against a lawsuit filed by the Australian Securities and Investments Commission, which alleged that EQT’s Equity Trustees Superannuation unit failed to obtain key information about the now-defunct First Guardian Master Fund before permitting member investments.
• The company said it would provide details on the potential capital and funding implications of the exit when it reports annual results on August 20.
($1 = 1.4067 Australian dollars)
(Reporting by Shruti Agarwal in Bengaluru; Editing by Sherry Jacob-Phillips)
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