Perpetual and Pendal enters acquisition talks
Perpetual and Pendal have confirmed they are in discussion about a potential acquisition after Pendal rejected a bid earlier this year.
In statements to the Australian Securities Exchange (ASX), both firms confirmed they were in discussions but that these were in preliminary stages and no deal had been agreed.
Pendal said: “Discussions are highly conditional and incomplete and there is no certainty that they will result in a transaction”.
Perpetual said no equity raising would be involved in any potential deal nor private equity involvement.
Earlier this year, Pendal rejected a bid by Perpetual for it to acquire Pendal by way of a scheme of arrangement for $6.23 per share.
At the time, Pendal said it believed the bid was not in its shareholders’ best interest and significantly undervalued the company.
AUTHOR
Laura Dew
Recommended for you
VanEck’s Bitcoin ETF has amassed $290 million in assets in its first year, but the ETF provider has said financial advisers remain skeptical of the asset.
State Street has rebranded its State Street Global Advisors arm, which has US$4.6 trillion in assets under management, following a series of deals with financial services firms in recent months.
Northern Trust Asset Management has appointed a new head of international and responsible investing.
More than 20 winners have been revealed for the annual Fund Manager of the Year Awards.
