Perpetual Rejects EQT-Controlled Windflower’s Final A$22.50 Takeover Proposal

merger_acquisition2026-09-20 23:53:09 UTCimp 0.80EQT.ST -0.65PPT.AX -0.10

Perpetual Limited rejected EQT-controlled Windflower’s further revised, all-cash takeover proposal at A$22.50 per share, saying the offer undervalued the company and involved unacceptable transaction-execution risk. Because the proposal was expressed as best and final absent a competing proposal, Perpetual said its engagement with EQT had concluded.

Surprise 0.60Confidence 0.94

Rationale

Perpetual’s rejection of EQT-controlled Windflower’s further revised all-cash A$22.50-per-share proposal, together with its statement that engagement had concluded, is a new, forward-looking M&A outcome that materially lowers the probability of the proposed acquisition proceeding and changes expected transaction outcomes for both parties. The core facts are directly supported by the Dow Jones/TradingView report and corroborating context; the exact announcement time is not stated, so the timestamp is a low-confidence date-level UTC estimate. Only PPT.AX and EQT.ST are approved because impacts on other listed competitors are indirect and speculative.

EventsEQT Takeover Proposal for Perpetual Limited

Evidence

Perpetual Rejects EQT AB's Improved Offer, Ends Takeover Talks

dow_jones2026-09-20 23:23:00 UTCOpen source

Perpetual rejected a third takeover proposal by EQT AB, ending its engagement with the Swedish private-equity provider.

Perpetual on Monday said EQT-controlled Windflower had proposed an all-cash payment of 22.50 Australian dollars, equivalent to US$16.03, a share.

As the further revised proposal was expressed as a best and final proposal (in the absence of a competing proposal), Perpetual considers that the process of engagement with EQT has now concluded