Perpetual Board rejects EQT’s revised A$22.07 per share takeover bid
The Board of Perpetual Limited (ASX:PPT) has formally rejected a revised takeover proposal valuing the company at A$22.07 per Perpetual share, concluding it does not adequately represent fair value for shareholders.
The Revised Indicative Proposal came from Windflower Pte. Limited, an entity Perpetual understands is indirectly controlled by EQT AB. It sought to acquire 100% of the shares in Perpetual by way of a scheme of arrangement.
Announced on 17 July 2026, the decision signals the Board believes Perpetual is worth more than the current offer represents in the context of a change of control transaction.
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How the two proposals compare
EQT AB’s revised bid followed an earlier approach, with the two figures tagged to separate dates. The revised offer of A$22.07 represented just a 2% increase on the original proposal of A$21.64.
The original A$21.64 proposal was rejected by the Perpetual board on 1 July 2026 on grounds of both inadequate pricing and excessive conditionality, setting the floor from which EQT AB’s revised bid represented only a modest 2% step up.
| Proposal | Price per share | Increase | Date announced | Board response |
|---|---|---|---|---|
| Original proposal | A$21.64 | — | 1 July 2026 | Referenced in 1 July announcement |
| Revised proposal | A$22.07 | +2% | 15 July 2026 (rejected 17 July) | Rejected |
Why the Board says the offer falls short
The Perpetual Board reached its decision after careful consideration and formal advice from its advisers. The key reasons cited in the announcement were:
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The Board obtained advice from its financial and legal advisers in relation to the proposal.
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It concluded the proposal does not adequately represent fair value for shareholders in the context of a change of control transaction.
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It considers the proposal is not in the best interests of Perpetual shareholders.
The Revised Indicative Proposal provided that it would be automatically withdrawn if it was disclosed. Despite this provision, the Board considered it appropriate to still formally advise shareholders of its view.
Perpetual Board conclusion
The Revised Indicative Proposal does not adequately represent fair value for Perpetual shareholders in the context of a change of control transaction and that it is not in the best interests of Perpetual shareholders.
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What it means for Perpetual shareholders
Perpetual shareholders do not need to take any action in response to the Revised Indicative Proposal. The company has stated it will keep shareholders updated in accordance with its continuous disclosure obligations.
For context, Perpetual Group is an ASX-listed global financial services firm operating a multi-boutique asset management business. Its boutiques include Perpetual, Pendal, Barrow Hanley, J O Hambro, Trillium and TSW, as well as the Regnan brand.
The Wealth Management sale to Bain Capital for $500 million upfront, agreed in March 2026, transformed Perpetual into a near-debt-free business focused on Asset Management and Corporate Trust, a leaner profile that the board has consistently argued warrants a higher change-of-control premium than either EQT proposal reflected.
The group also runs wealth management businesses serving high-net-worth clients, not-for-profits and private businesses, alongside a corporate trust business that provides services to managed funds and the debt market.
Headquartered in Sydney, Perpetual services its global client base from offices across Australia, Asia, Europe, the United Kingdom and the United States.
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