EQT Holdings receives A$24.75 per share takeover approach from BGH Capital
EQT Holdings Limited (ASX: EQT), the holding company for Equity Trustees, has received an unsolicited, indicative and non-binding proposal from BGH Capital Pty Ltd (BGH) to acquire 100% of its outstanding shares.
The approach, disclosed on 21 August 2026, is structured as a scheme of arrangement at an indicative price of A$24.75 cash per share, less any dividends declared or paid. Importantly, this is not a binding offer, and there is no certainty a transaction will eventuate.
The key terms at a glance
- Bidder: BGH Capital Pty Ltd
- Target: EQT Holdings Limited (ASX: EQT)
- Indicative price: A$24.75 cash per share, less any dividends declared or paid
- Structure: scheme of arrangement (100% of shares)
- Status: unsolicited, indicative, non-binding
- Exclusivity: BGH has not requested exclusivity arrangements
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What the proposal is conditional on
The BGH Proposal carries multiple conditions and remains some distance from certainty. The disclosed conditions are as follows:
- Satisfactory completion of due diligence
- Final approval from BGH’s Investment Review Committee
- Execution of a mutually agreed Scheme Implementation Deed
- Approval of the Scheme by shareholders
- Regulatory approvals, including from FIRB, ACCC, APRA and ASIC
- No material adverse change events occurring
- Other customary conditions
Notably, BGH has not requested exclusivity arrangements to conduct due diligence and negotiate transaction documentation.
The BGH approach follows a TPG Global takeover proposal lodged just days earlier at A$24.55 per share, also structured as a scheme of arrangement and also unsolicited and non-binding, suggesting EQT has attracted competing interest from major private equity players within a short window.
EQT Board Position
The Board of EQT, together with its advisers, will evaluate the BGH Proposal and will update shareholders in due course.
Understanding a scheme of arrangement
The description of the proposal as “indicative and non-binding” is significant. It signals that BGH has expressed interest and proposed a price, but has not committed to proceeding with a formal offer.
What it means for EQT shareholders and what happens next
EQT has confirmed that shareholders do not need to take any action in relation to the BGH Proposal at this time. The company has emphasised there is no certainty the proposal will result in a formal binding offer, or that any transaction will eventuate.
Next steps rest with the EQT Board, which, together with its advisers, will evaluate the proposal and update shareholders in due course.
For readers less familiar with the company, Equity Trustees was established in 1888 to provide independent and impartial trustee and executor services to families across Australia. It describes itself as Australia’s leading specialist trustee company, offering asset management, estate planning, philanthropic services, superannuation trusteeship and Responsible Entity (RE) services for external Fund Managers. The Group maintains offices in Melbourne, Adelaide, Sydney, Brisbane and Perth.
| Item | Detail |
|---|---|
| Bidder | BGH Capital Pty Ltd |
| Indicative price | A$24.75 cash per share (less dividends declared/paid) |
| Structure | Scheme of arrangement (100%) |
| Status | Unsolicited, indicative, non-binding |
| Shareholder action required | None at this time |
The Board has authorised the release of this information and will provide further updates as its evaluation of the proposal progresses.
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