Global investment manager bids for Equity Trustees

EQT Holdings (ASX: EQT), the holding company for Equity Trustees announced on the ASX it received an unsolicited, indicative and non-binding proposal from a US-based alternative investment manager.

TPG Global made the bid at an indicative price of $24.55 cash per share excluding dividends declared or paid.

EQT said the proposal is subject to a number of conditions, including satisfactory completion of due diligence, final approval from TPG's investment review committee, execution of a mutually agreed scheme implementation deed, a unanimous recommendation from the board of EQT, regulatory, and other customary conditions.

TPG has requested a period of exclusivity to conduct due diligence and negotiate transaction documentation, EQT said.

The company notes there is no certainty the proposal will result in a formal binding offer for EQT or that any transaction will eventuate, and shareholders do not need to take any action at this time.

The board of EQT, together with its advisers, will evaluate the proposal and will update shareholders in due course.

UBS has been appointed as financial adviser and Herbert Smith Freehills Kramer as legal adviser by EQT.

Notably, Equity Trustees recently withdrew from providing super trusteeship, announcing it was winding down its subsidiary Equity Trustees Superannuation Limited in June, following two ASIC lawsuits alleging failures in care, skill and diligence in the recommendation of the First Guardian Master Fund.

Equity Trustees has since announced that it is defending against the claims.