EQT Raises Perpetual Takeover Bid to Approximately A$2.6 Billion

Swedish private equity firm EQT AB has increased its takeover proposal for Australian investment manager Perpetual to about A$2.6 billion ($1.8 billion), valuing the company at A$22.50 per share. This revised offer is approximately 2% above the A$22.07-per-share proposal disclosed earlier in July and 4% higher than EQT's original bid. The proposal remains highly conditional, subject to satisfactory due diligence, negotiation of binding transaction documents, 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 financial and legal advisers but has not yet formed a view on its merits, stating no recommendation is being made to shareholders at this time. The move follows Perpetual's rejection of EQT's earlier A$22.07-a-share proposal on July 17, which the board deemed not in shareholders' best interests. EQT, which manages about US$333 billion in assets, has an established presence in Australia.