Australia’s Perpetual has rejected a non-binding takeover proposal from Swedish private equity firm EQT AB, valuing the financial services provider at $1.69 billion.
The offer of A$21.64 per share in cash represented a near 40% premium to Perpetual’s closing price on Tuesday. However, Perpetual stated that the proposal was highly conditional and did not adequately represent fair value for its shareholders.
Perpetual’s shares jumped as much as 17% to A$18.13 on Wednesday before being placed on a trading halt ahead of the announcement. The company has been the target of various takeovers over the years, including a rejected A$1.7 billion bid in 2022 and a A$3.1 billion offer in 2023.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.