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Perpetual Receives Multiple Takeover Proposals From EQT in July 2026

lite News Desk 2 min read

At a glance

  • Perpetual turned down an initial A$2.45 billion offer from EQT on July 1, 2026.
  • EQT submitted two higher bids later in July, reaching A$2.55 billion.
  • All proposals were non-binding and subject to several conditions.

In July 2026, Perpetual was the subject of a series of takeover proposals from Sweden’s EQT AB, with each offer increasing in value and subject to specific conditions.

The process began on July 1, 2026, when Perpetual rejected a non-binding bid from EQT that valued the company at A$2.45 billion, or A$21.64 per share. This initial proposal did not proceed as Perpetual declined the terms presented by EQT at that time.

Following the rejection, EQT returned with a revised offer on July 15, 2026. This second proposal valued Perpetual at A$2.5 billion, equivalent to A$22.07 per share. The increased bid demonstrated EQT’s continued interest in acquiring the Australian financial services firm.

Later in the month, on July 27, 2026, EQT made a third approach. The latest offer valued Perpetual at A$2.55 billion, or A$22.50 per share. This proposal, like the previous ones, was non-binding and included several conditions that would need to be met before any transaction could be finalized.

What the numbers show

  • Initial EQT offer: A$2.45 billion (A$21.64 per share) on July 1, 2026.
  • Second EQT offer: A$2.5 billion (A$22.07 per share) on July 15, 2026.
  • Third EQT offer: A$2.55 billion (A$22.50 per share) on July 27, 2026.

According to Perpetual, each of the takeover proposals from EQT was described as non-binding and conditional. The company stated that the offers depended on several requirements, including due diligence, regulatory approvals, and the completion of the sale of Perpetual’s wealth management business to Bain Capital.

The sequence of offers over the course of July 2026 highlighted a pattern of increasing valuations as EQT continued its efforts to acquire Perpetual. The conditions attached to each proposal meant that none of the bids represented a finalized agreement at the time of the latest approach.

Perpetual’s disclosures indicated that the company was evaluating the proposals in light of their terms and the required conditions. The process involved consideration of regulatory and transactional steps that would need to be completed before any deal could move forward.

As of the end of July 2026, no binding agreement had been reached between Perpetual and EQT. The outcome of the takeover process remained dependent on the satisfaction of the outlined conditions and further negotiations between the parties.

* This article is based on publicly available information at the time of writing.

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