Perpetual (PPT AUJ): EQT Lifts Its NBIO To A$22.50/Share
Following its curious A$22.07/share self-destructing NBIO on the 15th July, EQT has returned with a A$22.50/share NBIO for Perpetual Ltd (PPT AU), by way of a Scheme.
That’s a 4% bump to its initial NBIO of A$21.64/share on the 1st July, which was rejected as being inadequate. $22.07/share was similarly deemed inadequate.
PPT’s board is assessing the revised tilt. Optically, terms appear fair. Ot at least sufficient to engage. A$22.50/share is a 45.2% premium to undisturbed.
The Trade:
Perpetual is not expensive.
I’d be buying here.
Perpetual has not outright rejected the latest salvo.
A 45.2% premium to undisturbed is a reasonable change of control premium.
But I can see EQT adding more gruel,
FY26 results are due out on the 27th August.
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