By Digifin Pty Ltd · About this coverage
Key Points
- EQT Further Revised Proposal at $22.50 cash per share via scheme
- Same price as 27 July proposal board previously rejected
- Permitted 1H27 dividend up to $0.60 without adjusting consideration
- Board cites undervaluation and unacceptable execution risk in assumptions
- EQT engagement concluded; Wealth Management sale still expected Q4 2026
About Perpetual (ASX:PPT)
Perpetual Limited is an ASX-listed financial services company headquartered in Sydney. Its asset management arm operates a group of investment boutiques in Australia, the United States and Europe, and its corporate trust arm provides trustee, securitisation and fund administration services to Australian debt and funds markets. The group manages and administers money on behalf of institutional, intermediary and private clients.
Perpetual Limited (ASX:PPT)'s board has rejected a further revised non-binding proposal from EQT at the same $22.50 cash scheme price as July and says the engagement process has now concluded.
Windflower Pte. Limited, an entity Perpetual understands is indirectly controlled by EQT AB, submitted a Further Revised Proposal to acquire 100% of Perpetual shares by scheme of arrangement for cash scheme consideration of $22.50 per share, expressed as best and final in the absence of a competing proposal. The proposal also allows the board to declare a 1H27 Permitted Dividend of up to $0.60 per share without adjusting the $22.50 scheme consideration, though any dividend remains subject to board determination. The $22.50 price matches EQT's 27 July 2026 proposal that the board previously considered was not in the best interests of shareholders. After limited non-exclusive due diligence, EQT clarified conditions and assumptions; the board says a number of those assumptions give rise to an unacceptable degree of transaction execution risk and that the proposal undervalues Perpetual. Shareholders do not need to take any action. Conclusion of the EQT process does not alter strategic priorities or the planned sale of the Wealth Management business, expected to complete in Q4 of 2026.
The release does not quantify the assumptions that create execution risk, and gives no assurance a 1H27 dividend will be declared.
Source: Perpetual Limited (ASX:PPT), 21 September 2026. Summary content supplied by Digifin Pty Ltd.
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