Australia’s EQT receives $472 mln bid from BGH Capital, just days after TPG approach

EQT Holdings Limited said Friday that it received an unsolicited takeover proposal from BGH Capital, with the offer being higher than a recent bid from TPG.

BGH Capital offered A$24.75 in cash per EQT share, valuing the company at A$663 million ($472 million). The offer is a 22.4% premium to EQT’s Thursday close, and is 0.8% higher than TPG’s offer of A$24.55 per EQT share.

The BGH proposal comes just days after TPG’s approach. BGH Capital attached several conditions to the offer, including completion of satisfactory due diligence and final approval from its Investment Review Committee.

BGH Capital has not requested exclusivity for conducting due diligence or negotiating transaction documents, EQT said in a statement to the ASX.

The EQT board said it will review the proposal with its advisers and provide shareholders with an update when appropriate.

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