Two fierce rivals of Australia’s funds management, Perpetual and Pendal Group, are going to have to bury the hatchet.
Two fierce rivals of Australia’s funds management, Perpetual and Pendal Group, will be forced to bury the hatchet as their boards home in on a merger they hope will create a bigger, stronger and more internationally competitive asset manager.
Perpetual, which has been reluctant to disclose its bids in the past six months, was pushing to have the deal ready for shareholders on its annual results day on Thursday. Pendal investors are expected to get about 48 per cent of the bigger group, leaving the other 52 per cent or so in the hands of Perpetual’s existing owners. Interestingly, the ratio’s very similar to what Perpetual proposed - and Pendal rejected - in early April, when Perpetual pounced to make the most of a wide differential in the two companies’ share prices. Perpetual will also offer cash.The structure makes the most of Perpetual’s stronger scrip: its stock last traded at 7.
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