The Perpetual Ltd (ASX: PPT) share price is in focus after the company revealed it has received a revised non-binding, indicative takeover proposal at $22.07 per share from EQT AB, up 2% from the previous offer.
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What did Perpetual report?
- Received a revised non-binding indicative proposal from EQT AB to acquire Perpetual at $22.07 per share
- The offer is 2% higher than EQT AB's original proposal of $21.64 per share
- Proposal remains conditional on several factors, including sale of Wealth Management to Bain Capital
- No shareholder action required at this stage
What else do investors need to know?
The new proposal from EQT is not yet binding and is subject to a range of conditions. These include completing the sale of Perpetual's Wealth Management arm to Bain Capital, thorough due diligence, successful negotiation of binding agreements, and regulatory approvals.
Notably, EQT's proposal states it would be withdrawn if disclosed. Despite this, Perpetual's board has decided it is in shareholders' best interests to be informed right away, demonstrating a focus on transparency.
What's next for Perpetual?
Perpetual's board and advisers are thoroughly evaluating the revised offer. However, there is no certainty a binding deal will be made or that any transaction will go ahead. In the meantime, the board remains confident in its ongoing business strategy, particularly the simplification program and the value of its diverse earnings.
Perpetual has committed to keeping shareholders and the market updated in line with its disclosure obligations. Investors are encouraged to stay tuned as the company updates on any major developments.
Perpetual share price snapshot
Over the past 12 months, Perpetual shares have declined 9%, trailing the S&P/ASX 200 Index (ASX: XJO), which has risen 2% over the same period.
