Perpetual rejects revised EQT takeover offer, citing undervaluation

Perpetual Limited has rejected a revised A$22.50-per-share cash takeover offer from EQT AB, citing the proposal as undervaluing the company and not serving shareholders' interests. The offer, unchanged from EQT's July 27 proposal, was rejected due to conditions attached and assumptions underlying the deal that created an unacceptable level of execution risk. Perpetual also stated that it had decided not to pay a dividend up to A$0.60 per share for the six months ending Dec. 31 without reducing the A$22.50 offer price.

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