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
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