Perpetual has declined an updated A$22.07 ($15.46) per share buyout approach from Windflower, which is indirectly controlled by EQT.
The revised offer was 2% above EQT’s earlier indicative and non-binding offer of A$21.64 a share, which Perpetual disclosed on 1 July 2026
Perpetual said that the new bid for 100% of its shares included a condition stating it would be withdrawn automatically if made public. Even so, the board said it decided to state its position to shareholders. Following a review of the terms and advice from financial and legal advisers, the Perpetual Board said the proposal “does not adequately represent fair value” for shareholders in the context of a change of control transaction and is “not in the best interests” of shareholders.
Separately, Perpetual entered a binding agreement in March to sell its wealth management division to Bain Capital Private Equity. Under that transaction, the company is due to receive an initial A$500m payment at completion, subject to adjustments covering regulatory capital, working capital and other customary items. Bain Capital will receive 15-year licences to use the “Perpetual Wealth” and “Perpetual Private” brands.