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
Clime Investment Management has welcomed an independent director to its board, which follows a series of recent appointments at the company.
Ethical investment manager Australian Ethical has cited the ongoing challenging market environment for its modest decrease in assets over the latest quarter.
Commentators have said Australian fund managers are less knowledgeable compared with overseas peers when it comes to expanding their range with ETFs and underestimating the competition from passive strategies.
VanEck is to list two ETFs on the ASX next week, one investing in residential mortgage-backed securities and the other in Indian companies.
