Perpetual Limited’s board has rejected EQT AB’s revised takeover proposal at A$22.50 per share as not in the best interests of shareholders, though the door remains open for further engagement. The announcement, made on 29 July 2026, follows a revised indicative proposal from EQT and represents a clear signal that the current price does not adequately reflect the company’s value in the eyes of its directors.
The significance of this decision lies in its nuance. Rather than outright rejecting EQT’s offer and closing discussions entirely, Perpetual has indicated it will provide limited non-public information to EQT and engage on specific aspects of the proposal. This approach suggests the board believes a higher price or more favourable terms could make a transaction acceptable. The offer to share non-public information is conditional on EQT signing a confidentiality and standstill agreement, which protects the company from opportunistic behaviour while keeping negotiations alive.
For Perpetual shareholders, this represents a validation of sorts. The board’s rejection of A$22.50 implies the directors believe the business is worth more, either through independent execution of the company’s strategy or through a higher takeover price. The board has explicitly stated confidence in Perpetual’s own path forward, highlighting the Simplification Program, the diversified earnings from Corporate Trust and Asset Management operations, and the planned sale of Wealth Management as value-creation levers.
The timing matters as well. Perpetual is scheduled to release its FY26 results on 27 August 2026, providing both EQT and the market with current financial performance data that could inform any revised proposal. This results announcement could prove pivotal in shaping negotiations, as it will give all parties fresh insight into the company’s earnings trajectory and the effectiveness of its strategic initiatives.
Investors should note that this is not a done deal. The provision of non-public information carries no guarantee that EQT will improve its offer, nor does it ensure the board will recommend any future proposal. EQT may simply decide the company is not worth more at this stage, particularly if the FY26 results disappoint. Alternatively, EQT could return with a higher bid that the board finds acceptable, triggering a formal scheme of arrangement process.
The engagement phase ahead is critical. Whether EQT is willing to pay more, what the upcoming results reveal about business momentum, and whether any revised offer emerges will determine whether this process leads to a transaction or Perpetual remains independent. This announcement is price sensitive and has been flagged as material by the ASX.
View the full ASX announcement (PDF)
About Perpetual Limited (ASX: PPT)
Perpetual Limited is an independent financial services group that provides investment management, wealth advice, and corporate fiduciary services globally. The company operates through three segments: Asset Management, which is a global multi-boutique asset manager; Wealth Management, offering financial planning and trustee services to high-net-worth clients; and Corporate Trust, providing fiduciary and digital solutions to the banking and financial industry. The company is headquartered in Sydney, Australia and was founded in 1886.
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