A long and public pursuit
EQT’s fourth approach is the latest chapter in an unusually combative negotiation. Its opening bid of A$21.64 per share in early July 2026 was rejected by Perpetual’s board as highly conditional and not representative of fair value. A second offer of A$22.07 per share was turned down after the board found it was “not in the best interests” of shareholders — even as EQT had included a clause stating the offer would be automatically withdrawn if disclosed.
The board disclosed it anyway. A third bid, at A$22.50 per share, representing a 4 per cent premium to EQT’s original approach, was also rejected in late July 2026. Rival suitor Janus Henderson has also reportedly entered the picture, according to the Financial Review, adding further competitive pressure on EQT.
The pursuit extends well beyond this year. Perpetual’s history with private equity goes back to October 2010, when KKR made a A$1.8 billion bid for the entire company. More recently, a deal to sell Perpetual’s corporate trust division to KKR collapsed in February 2025 after an unexpectedly high tax bill caused both parties to terminate the transaction.
What it means for Canadian advisors
The Perpetual saga illustrates a structural shift that is playing out in Canada as much as anywhere.
Global private equity firms are no longer content to own advisory businesses from a distance; they are building distribution infrastructure, launching retail-accessible products, and competing directly for a share of the alternatives allocations that advisors are increasingly placing on behalf of high-net-worth clients.