EQT lifts Perpetual bid to $1.78bn in third approach this month
Perpetual said it received a higher A$2.55 billion ($1.78 billion) bid from EQT AB after rejecting two earlier offers this month. EQT’s latest proposal values Perpetual at A$22.50 per share, about 19% above the prior close and above prior bids. Perpetual made no recommendation and the bid depends on conditions including completion of its Bain Capital wealth unit sale.
How this was made
The 30-second read
Why it matters
EQT’s third approach at A$22.50 per share increases the offer premium versus prior bids and supports a higher valuation floor, but the deal remains conditional and Perpetual has not recommended the offer.
Market read
A third, higher bid can reprice deal probability and expected takeover premium, driving near-term trading in the target and deal participants.
What to watch
The article does not state EQT’s financing terms or any regulatory/competition timeline, which can be decisive for deal completion and timing.
Background
Perpetual agreed in March to sell its wealth management arm to Bain Capital for A$500 million to simplify the group.
Ticker impact
EQT AB lifted its Perpetual takeover bid to A$2.55 billion, valuing Perpetual at A$22.50 per share after two prior rejections.
Near-term sentiment likely positive for EQT on deal momentum, but magnitude depends on perceived likelihood of closing.
The article discloses a third, higher offer and notes Perpetual rejected earlier bids, implying negotiations are active and progressing.
Market effects
Signals continued consolidation interest in Australian wealth management and trust businesses, potentially raising takeover expectations for peers.
May lift sentiment around Australian financial services M&A activity and deal pricing benchmarks.
Cross-border private equity appetite for wealth management assets remains active, supporting global deal-risk appetite.
Counterpoint
A higher bid does not guarantee closure; Perpetual’s lack of recommendation and the Bain wealth-unit sale condition could delay or derail the transaction.
Key entities
- target companyPerpetual
Australian asset manager that rejected two earlier EQT bids and is evaluating the sweetened offer.
- acquirerEQT AB
Swedish private equity firm that increased its offer to A$2.55 billion and is pursuing Perpetual.
- transaction counterpartyBain Capital
Buyer of Perpetual’s wealth management arm; completion is a condition for the EQT bid.
