Perpetual’s board has rejected a revised takeover bid from private equity firm EQT, signaling that the asset management and corporate trust services company is likely to remain publicly listed. The latest offer, valued at $22.50 per share and representing a total company valuation of approximately $2.2 billion, was submitted in July and subsequently adjusted to include an estimated dividend, which brought the effective price to $23.73 per share. Despite this increase of about 5.5 percent, the board declined the proposal and allowed EQT limited due diligence access to explore the possibility of a superior bid.

Shares in Perpetual dropped more than 15 percent on the announcement, closing at $16.64 on Monday. Some shareholders noted that with the recent sale of its wealth management arm, reduction of debt, and cost-cutting measures already implemented, the company is structurally positioned for improved performance. These factors have led investors to question whether further bid increases from EQT are likely, suggesting that the current offer might represent a ceiling. If no higher bid materializes, Perpetual would continue operating as a public company.

EQT has characterized its proposal as “best and final,” indicating no plans to raise the bid without competing offers. The private equity firm's move comes amid ongoing interest in the corporate trust sector. Another player in the listed corporate trust market, EQT Holdings—unrelated to the private equity firm—disclosed that its potential acquirers, BGH Capital and TPG Capital, have submitted non-conditional offers that do not depend on EQT Holdings ending its relationship with Superannuation Trustee Services or on the resolution of current Australian Securities and Investments Commission (ASIC) litigation.

BGH Capital made a bid on August 21 valuing EQT Holdings at $24.74 per share, closely followed by TPG Capital’s offer of $24.55 per share. These competitive bids reflect heightened attention to corporate trust operators, although their relevance to Perpetual’s situation remains indirect.

As of now, the Perpetual board’s response suggests that the company’s future as a publicly traded entity is secure in the absence of a more attractive proposal. The private equity firm’s decision to mark its bid final leaves owners and market observers awaiting potential interest from other parties or the company’s performance as a standalone business.