Perpetual (PPT AUJ): Did EQT Just Make A Revised Offer?

• Last night, Perpetual Ltd (PPT AU) announced it had received a revised NBIO from EQT at A$22.07/share, 2% higher than the prior bid that was rejected on the 1st July.

• However, Perpetual notes EQT stated in its revised bid, that “the Revised Indicative Proposal itself will be regarded as being automatically withdrawn if it is disclosed“.

• So, how does that work? Is there, or is there not a revised bid at A$22/share since this terms are publicly disclosed? Perpetual does say it is considering the proposal.

The Trade:

• Perpetual is not expensive.

• I’d get some exposure here.

• The fact Perpetual did not outright reject a 2% higher bid is illustrative.