Highlights

• Perpetual Limited rejected a further revised takeover proposal from EQT on 21 September 2026, pitched at AU$22.50 cash per share.
• The offer also allowed a dividend of up to AU$0.60 per share for 1H27, but was framed as best and final, ending the engagement.
• Shares tumbled AU$2.940, or 15.000%, to AU$16.660 as the takeover prospect fell away.

EQT's final offer falls short

Perpetual (ASX: PPT) told the market on 21 September 2026 that it had received a fresh non-binding approach from Windflower Pte. Limited, an entity it understands to be indirectly controlled by Swedish private equity group EQT AB. The proposal sought all of Perpetual's shares via a scheme of arrangement at AU$22.50 cash each.

The headline price was unchanged from EQT's 27 July 2026 approach, which directors had already knocked back. The sweetener this time was a permitted dividend of up to AU$0.60 per share for the half to 31 December 2026, payable on top of the scheme price without any reduction. The board stressed it cannot yet say whether a 1H27 dividend will be declared, or how large it would be.

Execution risk tips the balance

After the July rejection, Perpetual granted EQT limited, non-exclusive access to confidential information to see whether a stronger bid could emerge. The resulting proposal clarified the conditions and assumptions behind the offer, and several of those assumptions, in the board's view, carried an unacceptable level of risk that the deal might not complete.

Directors concluded the approach undervalues the company and does not serve shareholders as a whole. Because EQT labelled it best and final, absent a rival bidder, Perpetual considers the talks finished. Shareholders need not take any action.

Strategy stays on course

Management says the outcome changes neither its priorities nor the sale of its Wealth Management arm, which remains on track to complete in the fourth quarter of 2026. That divestment is expected to leave Perpetual with net cash, opening room for capital management beyond ordinary dividends. The continuing group will centre on Corporate Trust and Asset Management.

Market verdict

Investors reacted sharply. The stock closed at AU$16.660, roughly 26% below the rejected AU$22.50 price, suggesting many had been positioned for a deal. The board is now betting that its standalone plan can close that gap on its own.

Note- All data presented is based on information available at the time of writing.

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