Investment advice firm Perpetual Ltd rejects unsolicited Swedish private equity takeover bid
The investment advice company has rejected an unsolicited $2.5 billion takeover bid from an offshore entity controlled by EQT AB, saying it does not adequately represent fair value for shareholders.
Perpetual Ltd has rejected an unsolicited $2.5 billion takeover bid from an offshore entity, saying it does not adequately represent fair value for shareholders.
The Sydney-based investment advice company came out of a trading halt late on Wednesday and announced it had received a $21.64 cash per share offer from Windflower Pte Ltd, which it believed was indirectly controlled by Swedish private equity and venture capital firm EQT AB.
Perpetual said the non-binding and indicative bid was highly conditional, with the price reduced by the value of any dividends, capital returns or distributions declared or paid by the company.
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By continuing you agree to our Terms and Privacy Policy.“The board determined that it was not in the best interests of Perpetual shareholders,” the target said.
“The board therefore rejected the indicative proposal.”
It told shareholders they did do not need to take any action in response.
Shares in the company, which has been operating for nearly 140 years, jumped from $15.50 on Tuesday to $18.10 on Wednesday - before the trading halt was imposed.
