EQT lifts Perpetual takeover offer to $2.55 billion
Make us a preferred source
Make us a preferred source on Google
The news: Perpetual’s board says it has received a revised $22.07 a share takeover offer from Swedish private equity firm EQT, 2% above its rejected $2.50 billion bid earlier this month.
The context: EQT initially offered $21.64 in cash per share for the financial services firm. Perpetual’s board rejected the proposal, saying it was highly conditional and undervalued the company.
In an ASX announcement, the board said EQT had raised its non-binding offer to $22.07 a share, valuing Perpetual at $2.55 billion. Shares last traded at $18.91 on Wednesday, giving it a market value of $2.19 billion.
The new proposal included a clause automatically withdrawing the offer if it was publicly disclosed, Perpetual said. However, the board considered it “appropriate” to inform shareholders anyway.
What they said: The board said it was considering the revised proposal but warned there was no guarantee it would result in a binding offer or transaction.
The source: ASX disclosure
