Battle for control of Guardian Trust's parent continues

ASX-listed Trust Company, which owns NZ Guardian Trust, has unanimously recommended its shareholders to vote for the revised buyout proposal from Perpetual.

The battle for ownership of The Trust Company has seen offers from other players including IOOF and Equity Trustees, and this latest bid from Perpetual is a revised offer.

"The board says shareholders should support the Perpetual proposal in the absence of a superior offer.

The Trust Company shareholders is expected to vote on the revised Perpetual proposal at a scheme meeting in November 2013.