EQT returned with an improved offer for Australian fund manager Perpetual, lifting its indicative bid to A$22.07 a share after the target's board rejected its opening approach earlier this month. The revised proposal, disclosed by Perpetual in an ASX announcement, values the group at around A$2.5bn ($1.65bn) and marks the Swedish private equity firm's second attempt to secure one of Australia's oldest financial institutions.

On 1 July, Perpetual turned down an initial A$21.64-a-share cash proposal from Windflower, a bidding vehicle Perpetual understands to be indirectly controlled by EQT, saying the approach was "highly conditional" and did not adequately represent fair value in a change-of-control transaction.

The sweetened offer represents a 2% premium over the initial bid and comes as EQT seeks to overcome the board's concerns about conditionality and valuation. Perpetual's board has not yet formally responded to the revised proposal but has acknowledged receipt and indicated it will assess the offer in the best interests of shareholders.