(Adds deal details)
April 12 (Reuters) - Pendal Group Ltd (PDL) said on Tuesday the A$2.40 billion ($1.78 billion) non-binding takeover offer from asset manager Perpetual Ltd (PPT) "significantly undervalued" the Australian investment manager.
The A$6.23 per share offer for Pendal, a former unit of Westpac Banking Corp (WBC) , was first disclosed on April 4 and was at a 39.2% premium to the stock's close on April 1.
Pendal said that after assessing Perpetual's cash-and-stock proposal, it has determined that the offer was not in the best interests of its shareholders.
Perpetual did not immediately respond to a Reuters request for comment.
($1 = A$1.35)
News: PPT UPDATE 1-Pendal says Perpetual's offer significantly undervalues investment manager
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Last
$19.38 |
Change
-0.160(0.82%) |
Mkt cap ! $2.222B | |||
| Open | High | Low | Value | Volume |
| $19.60 | $19.78 | $19.35 | $4.324M | 221.6K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 594 | $19.30 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $19.42 | 461 | 3 |
View Market Depth
| Last trade - 16.10pm 12/09/2025 (20 minute delay) ? |
| PPT (ASX) Chart |