Perpetual Board Rejects A$22.50 EQT Takeover Proposal

Perpetual Limited (ASX:PPT) provided an update on the further revised non-binding, conditional and indicative proposal from Windflower Pte. Limited, an entity Perpetual understands is indirectly controlled by EQT AB, to acquire 100% of Perpetual by way of a scheme of arrangement at A$22.50 per share. Having considered the revised price and other terms and obtained advice from its financial and legal advisers, the Perpetual Board concluded that the Further Indicative Proposal is not in the best interests of Perpetual shareholders. Perpetual said it nonetheless proposes to offer EQT access to limited, non-public information on a non-exclusive basis and to engage on a number of aspects of the proposal to determine whether EQT is able to formulate an improved proposal that reflects the value of Perpetual and contains terms the Board considers appropriate.

Perpetual noted that providing access to limited non-public information does not guarantee a binding offer or an offer capable of being recommended by the Board, and that the provision of information will be subject to conditions including the signing of a confidentiality and standstill agreement by EQT. The company said shareholders do not need to take any action at this time and that the Board remains confident in executing its strategy, including its Simplification Program, the value of its diversified earnings across its Corporate Trust and Asset Management businesses, and the execution of the sale of Wealth Management. Perpetual will release its FY26 results for the period ended 30 June 2026 on Thursday 27 August 2026, and has engaged BofA Securities as financial adviser and Mallesons as legal adviser.