EQT Holdings receives second takeover offer in a week, from BGH Capital
BGH Capital proposes A$24.75 per share for EQT Holdings, topping TPG's offer, as the firm faces regulatory and legal headwinds.
Australian investment manager EQT Holdings has confirmed receiving a second takeover approach this week. BGH Capital Pty has proposed acquiring all outstanding shares for A$24.75 in cash, less any dividends declared or paid, valuing the company at approximately A$663.1 million (about $471.93 million).
The offer represents a 22.4% premium to EQT's last closing price and is slightly higher than the A$24.55-per-share bid from U.S.-based brokerage TPG Global, which was announced on Tuesday. That earlier proposal had triggered EQT's biggest one-day share price jump in 41 years.
EQT noted that BGH has not sought exclusivity to conduct due diligence, leaving the door open for competing offers. The company is currently navigating a broader business overhaul, including a reaffirmed plan to exit the independent superannuation trusteeship business through its Equity Trustees Superannuation unit.
At the same time, EQT is defending a lawsuit brought by the Australian Securities and Investments Commission. The regulator alleges that one of EQT's units failed to obtain critical information about the now-defunct First Guardian Master Fund before approving member investments.