Perpetual Ltd is back for another bit of rival fund manager Pendal.
Louie Douvis
It is understood the two managers are close to finalising discussions, three months after Pendal sent Perpetual packing on its earlier scrip-heavy proposal.The most obvious reason for the halt is Perpetual’s long-awaited return, with Perpetual boss Rob Adams far from giving up his pursuit of Pendal.with about $200 billion in funds under management, and a truly global footprint.
The last time Perpetual made a move on Pendal was in April, when it put scrip-heavy indicative bid to its rival. The proposed ratio would’ve seen Perpetual pay Pendal a premium for control, and Perpetual shareholders would hold 52 per cent of the combined group.was not in shareholders’ interests. It remains to be seen how Perpetual has structured its most recent proposal. The April bid was delicately timed to make the most of a gap between the two companies’ valuations, with Perpetual able to offer what it thought was an attractive discount yet retain control of the combined group.
co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.
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