Update on takeover proposals

Key points

• TPG and BGH maintain offer prices despite FY26 final dividend
• Proposals not conditional on Superannuation Trustee exit or ASIC litigation
• EQT Board deems offer prices inadequate, offers non-public info for improved proposals

Full summary

EQT Holdings Ltd (ASX: EQT) has issued an update on the takeover proposals received from TPG Global, LLC and BGH Capital Pty Ltd. Both parties have confirmed that their offer prices will not be reduced by EQT's FY26 final dividend and that the proposals are not contingent on certain conditions. The EQT Board, after careful consideration and shareholder feedback, has concluded that the offer prices do not reflect the value of Equity Trustees. The Board has offered both parties access to non-public information to facilitate improved proposals, subject to confidentiality agreements.

Outlook

The EQT Board is open to engaging with TPG and BGH to potentially improve the proposals, but there is no certainty of a formal offer or transaction.