The Australian Competition and Consumer Commission (ACCC) has postponed making a decision on Perpetual’s proposed takeover of Equity Trustees (EQT), to allow Perpetual to provide it with extra information, according to a report published by Financial Standard.
The decision date was previously scheduled for 11 July 2013, but an ACCC spokesperson said that a new date would be announced in due course.
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The consumer watchdog commenced a review on 16 May 2013 to assess whether the proposed merger would substantially lessen competition in the market and has received submissions from interested parties.
On 7 May 2013, PBI reported that EQT entered into an arrangement with Perpetual for it to be taken over by the listed fund manager in a deal worth an expected US$220 million.
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