Perpetual Limited (ASX: PPT) has turned down a further revised offer from EQT, as announced on 21 Sep 2026. The Board concluded that the proposal undervalues the Company.
The Perpetual EQT bid rejection matters for anyone following the financial services sector. The proposal offered A$22.50 in cash per Perpetual share. It was offered as best and final in the absence of a competitive offer.
Figure 1: Perpetual Group logo [Courtesy: Perpetual Group]
Perpetual EQT Bid Rejection: The Board Decision
Perpetual’s Board reviewed the further revised proposal after careful consideration. It says the plan does not give Perpetual enough value. It also says the offer is not good for shareholders overall. This Perpetual EQT bid rejection also brings the EQT engagement process to a close.
Perpetual closed this chapter of the ASX deal drama, Perpetual EQT, with a direct statement: “Perpetual shareholders do not need to take any action.” The Chair of Perpetual Limited authorised the announcement for release.
Further Revised Proposal Terms
The revised non-binding proposal was made by Windflower Pte. Limited, which Perpetual understands is indirectly controlled by EQT AB. The Company wants to buy all Perpetual shares. This would be done using a Scheme of Arrangement. The offer price is A$22.50 for each Perpetual share.
Perpetual’s Board may declare a dividend of up to A$0.60 per share for the half-year to 31 Dec 2026. The A$22.50 scheme consideration would not be adjusted. Any dividend remains subject to Board determination and market conditions.
| Item | Detail |
|---|---|
| Bidder entity | Windflower Pte. Limited, indirectly controlled by EQT AB per Perpetual’s understanding |
| Structure | Non-binding Scheme of Arrangement covering 100% of Perpetual shares |
| Cash scheme consideration | A$22.50 per Perpetual share |
| Dividend allowance | Up to A$0.60 per share for the half-year to 31 Dec 2026 |
| Status | Best and final expressed, in the absence of a competing proposal |
| Board view | Undervalues Perpetual |
Perpetual Valuation Clash EQT: Same Price, Same Verdict
Perpetual noted that the A$22.50 offer matches EQT’s earlier proposal dated 27 Jul 2026. The Board had already judged that earlier proposal not to be in the best interests of shareholders. This Perpetual valuation clash; EQT therefore continues at the same price.
Execution Risk in the Perpetual Valuation Clash EQT
Perpetual’s Board reviewed the clarification EQT provided on the conditions and assumptions behind its proposal. It argues that several assumptions bring too much deal risk for Perpetual and for shareholders.
Information Access Process
Perpetual provided EQT with limited non-public information on a non-exclusive basis. This followed the 27 Jul 2026 proposal, as announced on 29 Jul 2026. The aim was to test whether EQT could formulate an improved proposal that the Board could consider. EQT then submitted the further revised proposal.
ASX Deal Drama Perpetual EQT: Timeline of Key Dates
Perpetual’s tie to EQT started with the 27 Jul 2026 proposal. It ended when Perpetual turned down the EQT bid on 21 Sep 2026. Perpetual is headquartered in Sydney, and it released the announcement to the ASX.
| Date | Event |
|---|---|
| 27 Jul 2026 | EQT submits an earlier proposal at A$22.50 per share, which the Board considers not in shareholders’ best interests |
| 29 Jul 2026 | Perpetual announces it gave EQT access to limited non-public information |
| 21 Sep 2026 | Perpetual rejects the further revised proposal and confirms the EQT process has concluded |
| Q4 2026 | Expected completion of the Wealth Management business sale |
Perpetual Share Price (ASX: PPT)
- Last price: A$16.71 per share
- Market capitalisation: A$2.26 billion
- 52-week range: A$21.41 to A$15.10 per share
- Scheme consideration under the rejected proposal: A$22.50 per share
Figure 2: Perpetual (ASX: PPT) share price movement [Courtesy: ASX]
About Perpetual Group
Perpetual Group is an ASX-listed global financial services firm. It operates a multi-boutique asset management business, alongside wealth management and trustee services businesses.
Perpetual is headquartered in Sydney. It services its global client base from offices across Australia, Asia, Europe, the United Kingdom and the United States.
| Business | Clients or services | Brands named |
|---|---|---|
| Asset management | Multi-boutique asset management | Perpetual, Pendal, Barrow Hanley, J O Hambro, Trillium, TSW and Regnan |
| Wealth management | High-net-worth clients, not-for-profits and private businesses | Perpetual Private, Fordham and Jacaranda Financial Planning |
| Corporate trust | Managed funds, the debt market and a growing digital and markets business | Not specified in the announcement |
Future Direction and Impact on Shareholders
Perpetual confirmed that the ASX deal drama Perpetual EQT does not alter its strategic priorities. The sale of the Wealth Management business is well progressed and expected to complete in Q4 of 2026. The Company expects to move to a net cash position after the sale.
Perpetual says this gives it more financial flexibility for capital management options alongside dividends. The Company remains focused on long-term value through its Corporate Trust and Asset Management businesses. Investors in the financial services sector will note that the Perpetual valuation clash with EQT rests on price and execution risk.
Colitco will keep tracking the Wealth Management sale and any capital management update from Perpetual.
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FAQs
Q1. What is the Perpetual EQT bid rejection?
Ans. Perpetual’s Board rejected EQT’s further revised A$22.50 per share proposal because it undervalues the Company.
Q2. Why is there a Perpetual valuation clash with EQT?
Ans. The Board said the price undervalued Perpetual. It also views EQT’s assumptions as carrying unacceptable execution risk.
Q3. What happens next in the ASX deal drama Perpetual EQT?
Ans. Perpetual considers the process concluded. It expects the Wealth Management sale to finish in Q4 2026.
Q4. Do shareholders need to take action?
Ans. No. Perpetual says shareholders do not need to take any action.
Disclaimer
This article is for informational purposes only. All data is sourced from the Perpetual Group ASX announcement and the market data provided. Kindly verify all information, including share price and market data, before making any decision. Investments carry risk, and any investment is made at the investor’s own risk. Colitco does not hold any position in the above-mentioned Company.
Luke Carlino is a seasoned Copywriter, Content Strategist, and Social Media Manager specialising in Mining, Finance, and Business journalism. With more than a decade of industry experience, he brings rigorous editorial standards and commercial acuity to every project.
