EQT raises Perpetual takeover bid to about A$2.6bn
Swedish private equity firm EQT AB has raised its takeover proposal for Australian investment manager Perpetual to approximately A$2.6bn ($1.8bn), valuing the company at A$22.50 per share. This is about 2% above the previous A$22.07-per-share proposal disclosed earlier in July and 4% higher than EQT's original offer. The revised proposal remains highly conditional, subject to satisfactory due diligence, regulatory approvals, and the completion of Perpetual's sale of its wealth management business to Bain Capital for A$550 million. Perpetual's board is reviewing the latest approach with its financial and legal advisers but has not yet formed a view on the merits of the proposal, stating no recommendation is being made to shareholders at this time. The board previously rejected EQT's earlier A$22.07-a-share proposal, deeming it not in the best interests of shareholders. EQT manages about US$333bn in assets and has an established presence in Australia.
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