EQT sweetens Perpetual bid for third time this month, values firm at A$2.55 billion
Details of EQT's Revised Takeover Offer for Perpetual
Overview of the Latest Offer
July 27 (Reuters) - Australia's Perpetual said on Monday it had received a sweetened takeover offer from Swedish private equity firm EQT AB, valuing the financial services provider at A$2.55 billion ($1.78 billion).
Offer Terms and Premium
Under the revised offer, EQT would buy all of Perpetual's shares for A$22.50 apiece, a nearly 19% premium to the stock's last closing price.
History of Bids in July
The latest approach marks the third bid EQT has made for Perpetual this month, after the group first offered A$21.64 a share on July 1 and then raised its indicative proposal to A$22.07 a share in mid-July.
Progressive Increases in Offer Value
EQT has progressively sweetened its offer as it pursues the Australian wealth manager and trust business, with the latest proposal representing a roughly 4% increase from its initial approach.
Conditions and Additional Information
Deal Conditions
Perpetual said the proposal was subject to various conditions, including the completion of the firm's sale of its wealth management unit to Bain Capital.
Exchange Rate Information
($1 = 1.4306 Australian dollars)
Reporting Credits
(Reporting by Rajasik Mukherjee; Editing by Tom Hogue and Subhranshu Sahu)