The last roadblocks to Perpetual’s acquisition of The Trust Company were apparently removed at the end of September this year.
But Equity Trustees has not given up on acquiring The Trust Company – with Equity Trustees chairman Tony Killen noting at the company’s annual general meeting on Friday that Trust Company shareholders will not vote on the alternative bidder’s offer until the end of November this year.
“It is not difficult for a relatively small number of shareholders to decide the outcome by declining the offer. We continue to engage with the major shareholders in pressing our case,” said Mr Killen.
“We think the Perpetual scheme should be voted down and that there is every prospect it will be,” he said.
Mr Killen also pointed out that The Trust Company has stated that Equity Trustees has limited experience compared to Perpetual in “implementing transformation programs and in delivering an integration project”.
“We reject such a conclusion and can point to recent, demonstrable success with integrations; large, complex projects; business transformations and strategic delivery,” he said.
Mr Killen also revealed the firm has a number of other “potential acquisition opportunities” in play.
“We are open to opportunities, actively pursue them and the Trust deal is by no means the only one available or indeed something we have to [complete] for success and growth,” said Mr Killen.
