IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

Arun has over 15 years’ experience covering the Technology sector. During this time, he has worked with technology start-ups and as an equity analyst in investment banks and independent research firms. He was formerly a Technology Analyst for Canaccord Genuity, Altium Securities, Espirito Santo Investment Bank, Noble Group and Clear Capital. He has a dual Master’s degree in Financial Engineering and Industrial and Operations Engineering from the University of Michigan. He obtained his Bachelor’s degree in Mechanical Engineering from the Indian Institute of Technology, Bombay. He is also a CFA charterholder.

IPOs and Catalysts/Events

Perpetual (PPT AU): EQT Returns with a Revised NBIO at A$22.07

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Event-Driven

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<a href="https://www.smartkarma.com/entities/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual Ltd (PPT AU)</a> has received a further revised non-binding indicative proposal from EQT at A$22.50 per share, a 1.9% premium to the previously rejected offer of A$22.07 per share. </li>
<li>The Board will find it increasingly challenging to dismiss EQT, particularly as peers have materially de-rated since EQT’s first offer (1 July) and the 45.2% premium to the undisturbed price. </li>
<li>While the revised offer implies a discount to peer multiples, it is reasonable compared to historical trading ranges. The Board will be under pressure to grant due diligence. </li>
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Perpetual Ltd (PPT AU) has received a further revised non-binding indicative proposal from EQT at A$22.50 per share, a 1.9% premium to the previously rejected offer of A$22.07 per share. 
The Board will find it increasingly challenging to dismiss EQT, particularly as peers have materially de-rated since EQT’s first offer (1 July) and the 45.2% premium to the undisturbed price. 
While the revised offer implies a discount to peer multiples, it is reasonable compared to historical trading ranges. The Board will be under pressure to grant due diligence. 


Perpetual (PPT AU): EQT’s Further Revised NBIO Amps the Pressure on the Board