Australia’s EQT Holdings said it received a cash bid from private equity firm BGH Capital valuing the company at A$663 million ($472 million), equivalent to A$24.75 per share.
The proposal follows a competing approach from TPG, which offered A$24.55 per share. BGH’s bid represents a 22.4% premium to EQT’s closing price on the prior trading day and is 0.8% higher than TPG’s offer.
BGH Capital’s proposal is subject to satisfactory due diligence and final approval from its Investment Review Committee. Unlike some transactions, BGH did not seek exclusivity for due diligence or negotiations, EQT said in an ASX filing.
EQT’s board said it would evaluate the proposal alongside its advisers and provide shareholders with an update in due course. The company did not indicate a preference between the two bids.
EQT is listed on the Australian Securities Exchange, where trading in its shares was halted pending the announcement.
