Australia's Perpetual says EQT's $1.78 billion bid not in best interests of shareholders
Australia's Perpetual says EQT's $1.78 billion bid not in best interests of shareholders July 29 (Reuters) - Australia's Perpetual said on Wednesday that EQT AB's latest A$2.55 billion ($1.78 billion) takeover proposal was not in the best interests of shareholders, but that it would grant the Swedish buyout firm limited due diligence access as it considers a possible improved offer.
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On Monday, EQT offered to pay A$22.50 per Perpetual share in the latest bid, higher than its two earlier offers and a 19% premium to the Perpetual stock's Friday close.
EQT has progressively sweetened its offer as it pursues the Australian wealth manager and trust business, with the latest proposal representing a roughly 4% increase from its initial approach.
EQT did not immediately respond to a Reuters request for comment outside regular business hours.
($1 = 1.4339 Australian dollars)
(Reporting by Jasmeen Ara Shaikh in Bengaluru; Editing by Subhranshu Sahu)