EQT Holdings (ASX:EQT) said its board has concluded that the offer prices proposed separately by TPG Global and BGH Capital do not adequately reflect the value of Equity Trustees, though it is prepared to engage with both parties, according to a Monday Australian bourse filing.

The company said the board has offered each party the opportunity to receive substantive non-public information to enable an improved proposal, subject to entering into an appropriate confidentiality deed including a standstill, with a draft already provided to both TPG and BGH.

TPG and BGH have each indicated that their indicative offer prices will not be reduced by EQT's fiscal 2026 final dividend of AU$0.20 per share disclosed on Aug. 27, and have confirmed their proposals are not conditional on Equity Trustees exiting its Superannuation Trustee Services business or the conclusion of ASIC litigation, the filing added.

The company's shares fell 1% in recent Monday trade.