EQT Raises Offer to A$22.07 but Perpetual Board Says No

EQT’s Revised Bid Falls Short of Board Expectations

Perpetual Limited (ASX:PPT) has decisively rejected a revised non-binding indicative proposal from EQT AB’s controlled entity, Windflower Pte. Limited, which valued the company at A$22.07 per share. This offer represented a modest 2% increase on EQT’s initial bid of A$21.64 per share but failed to convince Perpetual’s board it reflected fair value in a change of control scenario.

Despite the proposal’s confidentiality clause that would see it withdrawn upon disclosure, Perpetual chose transparency, formally communicating its rejection to shareholders. The board, after consulting financial and legal advisers, judged the revised offer insufficient and not aligned with shareholder interests.

Strategic Context Amid Ongoing Business Transformation

This development unfolds against Perpetual’s broader strategic repositioning, highlighted by its binding agreement to sell the Wealth Management division to Bain Capital for $500 million upfront. The sale, expected to complete in the latter half of 2026, aims to sharpen Perpetual’s focus on its core asset management and corporate trust businesses.

Notably, EQT’s proposal was conditional on the completion of the Wealth Management sale among other due diligence and regulatory approvals. The complexity and conditionality of the offer may have influenced Perpetual’s board assessment of the bid’s attractiveness.

Implications for Shareholders and Next Steps

Perpetual’s shareholders have been advised that no action is required in response to the revised proposal. The company commits to ongoing disclosure as circumstances evolve. The rejection leaves the door open for potential new offers or negotiations but signals the board’s firm stance on valuation and deal terms.

Market watchers will be keen to see whether EQT or other suitors revisit their approach, particularly as Perpetual executes its simplification program and integrates recent acquisitions like Interfi Systems to bolster its corporate trust capabilities.