EQT lifts Perpetual takeover bid to A$22.50 per share
Perpetual Limited (ASX:PPT) advised that on 26 July 2026 it received a further revised non-binding, conditional and indicative proposal from Windflower Pte. Limited, an entity Perpetual understands is indirectly controlled by EQT AB, to acquire 100% of the shares in Perpetual by way of a scheme of arrangement at a price of A$22.50 per Perpetual share.
The revised offer represents a 2% increase on the proposal of $22.07 announced on 15 and 17 July 2026, and a 4% increase on the original proposal of A$21.64 announced on 1 July 2026.
The Perpetual Board has not yet formed a view on the merits of the proposal, and no recommendation is being made to shareholders at this time.
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How the bid has escalated
EQT AB’s approach has climbed across three separate proposals in the space of a month.
EQT AB’s approach has now climbed 4% above the original A$21.64 proposal, which Perpetual’s board rejected on 1 July 2026 on the grounds of both inadequate pricing and excessive conditionality.
| Proposal | Date Announced | Price per Share | Increase on Original |
|---|---|---|---|
| Original proposal | 1 July 2026 | A$21.64 | — |
| Revised proposal | 15 & 17 July 2026 | A$22.07 | — |
| Further revised proposal | 27 July 2026 | A$22.50 | +4% |
The conditions attached — and why they matter
The latest approach remains a non-binding, conditional and indicative proposal, not a done deal. It is subject to numerous conditions, including:
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Satisfactory completion of due diligence
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Negotiation and execution of binding transaction documentation
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Regulatory approvals and other customary conditions
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Completion of the sale of Perpetual’s Wealth Management business to Bain Capital
The Wealth Management sale to Bain Capital, agreed in March 2026 for $500 million upfront plus up to $100 million in performance-linked payments, is itself a listed condition that must be completed before any binding EQT deal can take shape.
Perpetual stated there is no certainty that the Further Indicative Proposal will result in a binding offer or that any transaction will eventuate. Shareholders do not need to take any action at this time.
Perpetual’s position and the road ahead
The Perpetual Board is assessing the Further Indicative Proposal with the assistance of its financial and legal advisers. The company has reiterated its confidence in delivering its own strategy independent of the bid.
Perpetual Board
The Perpetual Board remains confident in Perpetual executing its strategy, including its simplification program, the value of its diversified earnings profile (provided by the Corporate Trust and Asset Management businesses) and the execution of the sale of Wealth Management.
Perpetual said it will continue to keep the market informed in accordance with its continuous disclosure obligations. The announcement was authorised for release by the Chairman of Perpetual Limited.
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