Speculation continues to circulate around the proposed takeover of Perpetual by private equity firm EQT, despite the bidder describing its latest submission as its best and final offer. While no agreement has been reached between EQT and Perpetual’s board, market observers suggest that negotiations may still be active behind the scenes.

EQT initially proposed a $22.50 per share offer in July, valuing Perpetual at approximately $2.2 billion. This bid was rejected by the board, which subsequently granted EQT due diligence access to explore whether an improved proposal could be presented. Following this, EQT adjusted its offer to factor in a dividend payout, effectively raising the bid to $23.73 per share, reflecting a 5.5 percent premium. Despite this, the board declined the revised offer on September 21.

Perpetual’s shares reacted sharply during the process, tumbling 15 percent upon the announcement of EQT’s rejected final offer. Since the board’s decision, however, the stock has shown signs of recovery, closing at $17.22 on Tuesday, up 21.9 cents.

The sale of Perpetual’s wealth management arm added further complexity to the takeover discussions. Earlier this year, Kohlberg Kravis Roberts (KKR) withdrew from a proposed $22 billion acquisition of Perpetual’s corporate trust and wealth management businesses, citing an unfavorable tax ruling from the Australian Taxation Office. Following KKR’s exit, Perpetual agreed to sell its wealth management unit separately to Bain Capital for an estimated $500 million.

There has also been conjecture about the possibility of rival bids emerging. While Janus Henderson reportedly made an approach for Perpetual’s asset management division, the offer was considered unsatisfactory by the board. Industry insiders note that if EQT secures ownership of Perpetual, it may consider divesting the asset management segment.

EQT has pursued Perpetual’s corporate trust unit for several years, underscoring its sustained interest in the company. However, the outcome of the current takeover battle remains uncertain, with the potential for either renewed negotiations, altered terms, or alternate bidders still under consideration.