Back on the 18th August 2026, EQT Holdings (EQT AU), a corporate trustee and fiduciary-services outfit, announced a NBIO from TPG of A$24.55/share, by way of a Scheme.
A littler a week later, BGH Capital lobbed a A$24.75/share NBIO, by way of a Scheme. EQT considered both NBIOs low-balled, but was willing to engage.
Reportedly, TPG has acquired 14.9% in EQT. At $23.50/share. Conscious of the ongoing ASIC litigation and super-exit restructuring costs, evidently this shareholder considered the NBIO terms to be full.
EQT Holdings (EQT AU) is not very liquid. Look away now if this is not your bag.
The Trade:
I’d be buying. Then buying some more.
Yes - terms (adjusted for the FY26 dividend) remain indicative.
But TPG is not going to sit on 14.9%.