Australia's EQT Holdings gets $468 million takeover proposal from TPG Global
TPG•TPG Global makes indicative cash offer
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).
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.
EQT continues business reshaping amid regulatory scrutiny
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.
