EQT Increases Takeover Bid for Perpetual to Approximately A$2.6 Billion
Swedish private equity firm EQT AB has increased its takeover proposal for Australian investment manager Perpetual, raising the offer value from A$22.07 per share to A$22.50 a share, valuing the company at approximately A$2.6 billion ($1.8 billion). The revised bid is 4% higher than EQT's original proposal and remains conditional on due diligence, regulatory approvals, transaction documentation, and completion of Perpetual’s sale of its wealth management business to Bain Capital for A$550 million. Perpetual has not yet formed a view on the merits of the offer but is reviewing it with financial and legal advisers. The company reiterated confidence in executing its strategy, including simplification efforts and the value derived from corporate trust and asset management businesses. This follows Perpetual’s rejection of EQT's earlier A$22.07-per-share proposal as not being in shareholders' best interests.