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EQT stated in its revised bid, that “the Revised Indicative Proposal itself will be regarded as being automatically withdrawn if it is disclosed“.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