Perpetual's move to acquire The Trust Company may not proceed as smoothly as the parties hoped. Yesterday, The Trust Company's spurned suitor, Equity Trustees, issued a statement saying it was assessing Perpetual's proposal and would make a formal response in the coming days.On Tuesday, Perpetual released details of a scheme agreed with The Trust Company. Perpetual is offering 0.14 new Perpetual shares for each Trust Company share, which is equivalent to A$6.17 a share. The offer is a 40.5 per cent premium to the one-month average share price of $4.55.In February, Equity Trustees announced that it would bid for the Trust Company. It made its offer last month, and on April 19 The Trust Company's board issued a response recommending shareholders reject the offer.The board's statement said: "Your board has consistently acknowledged the strategic merits of consolidation in the trustee industry. However, your directors believe the offer would not give you your fair share of the combined companies."The Equity Trustees offer valued The Trust Company at around $5.90 a share.If the merger with Perpetual goes ahead, Perpetual's corporate trust division will receive a substantial boost. The Trust Company operates trustee businesses in Australia, New Zealand and Singapore, providing corporate, debt and capital market trustee services. It also offers custody and superannuation compliance services.Perpetual's chief executive, Geoff Lloyd, said The Trust Company's trustee business would complement Perpetual's corporate trust business, which is a leader in the asset securitisation market and is also strong in mortgage servicing.The Trust Company's corporate trustee division has funds under administration of about $160 billion and, in 2012/13, had revenue of $34.6 million. Corporate clients accounted for 41 per cent of Trust Company's revenue in 2012/13. Perpetual's corporate trust division accounted for 15 per cent of revenue in 2012/13.If the businesses are merged, the corporate trust division would have $460 billion of funds under administration. The division would account for 20 per cent of Perpetual's revenue and 25 per cent of earnings before interest, tax, depreciation and amortisation.