Swedish private equity firm EQT AB has submitted a sweetened A$2.5 billion ($1.75 billion) takeover proposal for Australia's Perpetual, just under two weeks after the financial services provider rejected EQT's previous offer. The revised bid values Perpetual shares at A$22.07 each, representing a nearly 22% premium to its closing price on July 1, before the initial approach was made public. This latest offer is a 2% increase over EQT's prior A$2.45 billion proposal.
Perpetual's board is currently assessing the new offer, though it has cautioned that there is no certainty it will lead to a binding transaction. A significant condition of EQT's revised proposal is the completion of Perpetual's sale of its Wealth Management business to Bain Capital, a deal that was agreed upon in March for an upfront cash payment of A$500 million.
This marks the latest chapter in a series of takeover attempts for the storied Australian firm, founded in 1886. Perpetual has rebuffed at least three suitors since 2022, including a A$1.7 billion bid from a consortium including Regal Partners in 2022 and a A$3.1 billion offer from its top shareholder, Washington H Soul Pattinson, in 2023. Perpetual's shares have risen over 17% since July 1 of this year.
