Perpetual rejects EQT's $22.50 takeover proposal
- Perpetual rejected EQT's further revised acquisition proposal.
- The board determined the cash offer failed to provide full value to investors.
- Transaction execution risks led to the complete end of engagement with EQT.
Perpetual (ASX:PPT) rejected a cash takeover proposal from EQT AB valued at $22.50 per share.
The offer matched the same $22.50 price per share submitted by EQT on July 27.
"The board has determined that the further revised proposal undervalues Perpetual and is not in the best interests of Perpetual’s shareholders as a whole," said Perpetual Board.
The rejected offer also allowed Perpetual to pay a dividend of up to $0.60 per share for the half-year ending Dec. 31.
The board stated that key transaction assumptions created an unacceptable degree of execution risk for the business and its investors.
Following the announcement, the Perpetual share price was unchanged at $19.60.
Windflower submitted the proposal as an entity indirectly controlled by EQT.
Perpetual had previously granted EQT non-exclusive access to limited confidential data to assess an improved offer before officially concluding the engagement process.
