Perpetual Limited (ASX:PPT) is expected to give an update in the third week of April on its strategic review of the potential sale of its corporate trust and wealth management units. But the delay is getting on the nerves of some suitors, and the talk is that the board is struggling to reach a decision. Perpetual's management, led by Rob Adams, has been a strong advocate of keeping the business together.

But if attractive offers are on the table, selling the unit may be inevitable, given Perpetual's $734 million debt pile. In other instances where a company's management or board drags its feet on a strategic review, institutional investors have a habit of speaking up and forcing change by threatening to call an extraordinary general meeting. But Perpetual's register mainly consists of retail investors - other than bidder Soul Patts which only has 11.66%, not enough to force an outcome.

As earlier reported, final bids are in for Perpetual's $1 billion-plus corporate trust and wealth management units, with Kohlberg Kravis Roberts and Permira bidding for both parts and EQT also making an offer. Luminis Partners is working for Perpetual's board. The strategic review coincided with a buyout proposal late last year from Soul Patts.

Soul Patts said at the time that its offer valued Perpetual at $3 billion, or $27 a share.