Australia’s Perpetual turns down updated EQT offer
Perpetual has declined an updated A$22.07 ($15.46) per share buyout approach
from Windflower, which is indirectly controlled by EQT.
The revised offer was 2% above EQT’s earlier indicative and non-binding offer of A$21.64 a share, which Perpetual disclosed on 1 July 2026.
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Perpetual said that the new bid for 100% of its shares included a condition stating it would be withdrawn automatically if made public.
Even so, the board said it decided to state its position to shareholders.
Following a review of the terms and advice from financial and legal advisers, the Perpetual Board said the proposal “does not adequately represent fair value” for shareholders in the context of a change of control transaction and is “not in the best interests” of shareholders.
Separately, Perpetual entered a binding agreement in March to sell its wealth management division to Bain Capital Private Equity.
Under that transaction, the company is due to receive an initial A$500m payment at completion, subject to adjustments covering regulatory capital, working capital and other customary items.
Bain Capital will receive 15-year licences to use the “Perpetual Wealth” and “Perpetual Private” brands. Ownership of the wider “Perpetual” brand will stay with Perpetual Limited.
Proceeds from the sale will be used by Perpetual to reduce its debt and fund growth in its asset management and corporate trust businesses.
Meanwhile, in January, EQT agreed to purchase Coller Capital, a secondaries investment firm with close to $50bn in assets under management, including $33bn classified as fee-generating.
The deal values Coller Capital at $3.2bn on a cash and debt-free basis.
