Australia's Perpetual rises after rejecting $1.7 billion EQT takeover proposal

Perpetual

02/07/2026 03:40

Updates
** Perpetual PPT.AX rises up to 7.5% to A$19.46, marking its strongest level since January 9
** The Sydney-headquartered firm rejected a non-binding A$2.45 billion ($1.69 billion) takeover approach on Wednesday from Sweden's EQT AB EQTAB.ST
** E​QT's offer included an all-cash bid of A$21.64 per share for PPT, representing a ~40% premium to its Tuesday close
** PPT's stock ended 16.8% higher at A$18.10 on Wednesday, before entering a trading halt ahead of the announcement
** Morningstar retains its fair value estimate of A$19.50 per share

    ** "We're not surprised the board rejected the proposal," says Morningstar
  

    ** "The offer price... is just over 10% above our fair value estimate - a premium we think is rather narrow to secure control of the business."
  
** Perpetual stock down 1%, YTD 

($1 = 1.4507 Australian dollars)

 (Reporting by Kumar Tanishk & Rajasik Mukherjee in Bengaluru)
 ((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk http://www.x.com/thatstanishk;))