Australian financial services provider Perpetual announced Wednesday that it has turned down a non-binding acquisition proposal from Swedish private equity firm EQT AB, which had valued the company at approximately A$2.45 billion — or about $1.69 billion in U.S. dollars.
Under the terms of the proposal, EQT had offered to purchase all outstanding shares at A$21.64 each in cash. That price represented a premium of nearly 40% above Perpetual’s closing share price from the day before.
Shares in the Sydney-based company surged by as much as 17%, reaching A$18.13 on Wednesday, before trading was halted ahead of the company’s formal announcement.
Perpetual explained its decision in a statement filed with the exchange after markets closed. “The indicative proposal was highly conditional and did not adequately represent fair value for Perpetual shareholders in the context of a change of control transaction,” the company stated.
EQT had not responded to media requests for comment as of the time of reporting.
Earlier this year, Perpetual had announced plans to sell off its wealth management division to U.S. private equity firm Bain Capital for an upfront cash payment of A$500 million. That move stemmed from a broader A$2.18 billion deal with private equity group KKR that was struck in 2024 but ultimately collapsed, leading Perpetual to pursue a separate sale of that business segment.
The investment firm, which was founded in 1886, has a long history of fending off acquisition attempts. In 2022, it rejected a A$1.7 billion bid from a group that included portfolio manager Regal Partners. The following year, it declined a A$3.1 billion offer from its largest shareholder, Washington H Soul Pattinson.
(Note: $1 equals approximately 1.4516 Australian dollars)
