STOCKS | Perpetual Shares Fall After Rejecting EQT Final Takeover Offer

Perpetual shares fell after the company rejected EQT Group's latest takeover offer. According to Sina Finance, the Sydney-based investment firm said the final best offer was not in shareholders' interests. The company said on Monday that the offer of A$22.50 per share, plus a potential dividend of up to A$0.60, undervalued Perpetual. The A$22.50-per-share bid valued Perpetual at about A$2.8 billion in July. In early trading on Monday, Perpetual shares fell as much as 15%, their biggest one-day drop since November 2022. Citi analyst Thomas Strong wrote in a note that EQT's description of the bid as final and best means it will not make another offer for at least several months. He said the stock should move toward intrinsic value over the long term, with Citi's base valuation at A$18.40, although the market will still price in the possibility of another bidder.