Australia's EQT Holdings gets $468 million takeover proposal from TPG Global

Aug 18 (Reuters) - Australian ‌investment manager ​EQT ​Holdings said on Tuesday it had received a takeover proposal from U.S.-based brokerage firm ‌TPG Global, LLC, valuing the company at ⁠A$657.8 million ($467.63 million).

Here are more details:

• The bid is at ‌an indicative price of ‌A$24.55 per share in cash, representing a 41.8% premium to EQT's closing price on Monday.

• TPG ​has requested a period of exclusivity to conduct due diligence, EQT said.

• The proposal is indicative ⁠and non-binding, and remains subject to several conditions, including approval from ​TPG's Investment Review Committee and a recommendation from the EQT board.

• The announcement comes ​as EQT continues to reshape ‌its business and deal with regulatory scrutiny.

• EQT reiterated its decision to exit ⁠the independent superannuation trusteeship business through its Equity Trustees Superannuation unit.

• The exit comes as the firm defends ⁠itself against a lawsuit filed by the Australian Securities and ​Investments Commission, which alleged that EQT's Equity Trustees Superannuation unit failed to obtain key information about the now-defunct First Guardian ‌Master Fund before permitting member investments.

• The company said it would provide details ‌on the potential capital and funding implications of ⁠the exit when it ‌reports annual results ​on August 20.

($1 = 1.4067 Australian dollars)

(Reporting by Shruti Agarwal in Bengaluru; Editing by Sherry ‌Jacob-Phillips)

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