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Update: Perpetual Turns Down Revised Acquisition Proposal From EQT

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(Updates with the stock movement in the last paragraph.)

Perpetual's (ASX:PPT) board believes a revised proposal from EQT to acquire the company at AU$22.50 per share is not in the best interests of its shareholders, according to a Wednesday filing with the Australian bourse.

However, Perpetual is willing to offer EQT limited due diligence access on a non-exclusive basis to determine if it can improve its proposal, per the filing.

The company said there is no guarantee of any binding offer.

Perpetual shares fell past 2% in recent Wednesday trade.

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