Australian asset manager Perpetual rejected a revised buyout offer of A$1.85 billion ($1.19 billion) from a consortium comprising EQT-owned BPEA and Regal Partners. This new offer, at A$33 per share, represented a 13.4% premium to Perpetual's last closing price. Perpetual stated that the bid continued to "materially undervalue the company."
Perpetual had previously rejected an initial offer of A$30 per share from the same consortium. Analysts, such as Lafitani Sotiriou of MST Emerging, suggested the revised bid was more realistic and that Perpetual's board should engage to seek better terms. The consortium had requested an initial one-week due diligence period, which Perpetual's board declined without discussion.
Simultaneously, Perpetual is in the process of acquiring rival Pendal Group for A$2.51 billion. The consortium of BPEA EQT and Regal Partners intended to split Perpetual's assets if their bid was successful, with Regal taking the asset management business and BPEA EQT acquiring the corporate trust and private client businesses. The initial A$30 per share offer valued Perpetual at approximately A$1.7 billion ($1.07 billion) and represented an 18.5% premium to its November 2 closing price.
