Swedish private equity firm EQT AB has presented an enhanced, non-binding proposal to purchase all outstanding shares of Australian financial services group Perpetual, placing the companys value at A$2.50 billion (US$1.75 billion).
Under the revised terms, EQT would pay A$22.07 per Perpetual share, roughly a 22% premium to Perpetuals closing price on July 1, the day before the firm disclosed EQTs initial outreach to the market. The latest offer improves on EQTs previous A$2.45 billion bid, which Perpetual rejected on the grounds that it did not adequately reflect the company's value.
Perpetual's board said it is assessing the updated proposal but emphasized that there is no guarantee the renewed approach will culminate in a binding transaction. The company also noted the non-binding nature of the proposal.
This renewed takeover pitch is the most recent attempt to acquire the 140-year-old financial services group, which has declined several approaches in recent years. In 2022 the company turned down a A$1.7 billion proposal from a consortium that included portfolio manager Regal Partners, and the following year it rejected a A$3.1 billion offer from its largest shareholder, Washington H Soul Pattinson.
Financial details cited in the proposal equate the A$2.50 billion valuation to US$1.75 billion using the conversion rate of $1 = 1.4310 Australian dollars as referenced in the companys statement. The boards public comments confirm it is considering the improved bid while reserving judgment on whether the engagement will produce a definitive agreement.
Market and corporate context
The renewed approach from EQT represents another chapter in a series of acquisition attempts involving Perpetual, reflecting sustained interest from outside buyers and shareholders. Perpetual has repeatedly defended its valuation and strategic positioning when reviewing prior proposals, turning down offers it judged insufficient.
At this stage, the process remains an indicative offer from EQT and not a binding commitment, leaving the outcome uncertain as Perpetuals board continues its assessment.