EQT Holdings (EQT AU) Ponders TPG's A$24.55/Share Indicative (& Opportunistic) Terms

• EQT Holdings (EQT AU), a corporate trustee and fiduciary-services outfit, announced yesterday morning a NBIO from TPG of A$24.55/share, by way of a Scheme.

• TPG has requested four weeks of exclusive due diligence to further its proposal.

• EQT is evaluating the proposal. Given the ASIC litigation and super-exit restructuring costs, I’d tilt opportunistic, and EQT rejects. But that’s not to suggest TPG will reload higher.

EQT Holdings (EQT AU) is not very liquid. Look away now if this is not your bag.

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The Trade:

• Terms remain indicative.

• Not something I’d actively get exposure.

• The ASIC investigations remain a material overhang.

• I can’t see TPG bumping if rejected. Not without DD.

• FY26 results are due out tomorrow.