• Perpetual received a non-binding proposal from Windflower Pte Limited to acquire all shares
• Proposal offered A$21.64 per share, reduced by dividends
• Board deemed proposal inadequate and not in shareholders' best interest
• Proposal highly conditional and did not represent fair value
• Shareholders do not need to take any action

Perpetual Limited (ASX:PPT) has announced that it received an unsolicited, non-binding, conditional, and indicative proposal from Windflower Pte Limited, indirectly controlled by EQT AB, to acquire all of the company's shares via a Scheme of Arrangement. The proposal offered A$21.64 per share, reduced by the value of any dividends, capital returns, or distributions. The proposal was deemed highly conditional and not adequately representing the fair value for Perpetual shareholders in the context of a change of control transaction. Therefore, the Board rejected the proposal as it was not in the best interests of Perpetual shareholders. Perpetual shareholders do not need to take any action in response to the proposal. The company will keep shareholders updated as per its continuous disclosure obligations.