(Adds details, background)
Nov 3 (Reuters) - Australian asset manager Perpetual Ltd (PPT) said on Thursday it rejected a A$1.68 billion ($1.07 billion) takeover offer from a consortium of overseas and local private equity and funds management firms.
The company said the A$30-per-share proposal from Barings Private Equity Asia, which was recently bought by EQT EQTAB.ST , and Australian firm Regal Partners (RPL) materially undervalued he firm.
Perpetual said it would press on with its planned A$2.51 billion acquisition of rival Pendal Group (PDL) announced in August.
The private equity offer represents a premium of about 11.5% to Perpetual's last close of A$26.90.
Shares in Perpetual, which has a market capitalisation of nearly A$1.55 billion, have fallen 25.2% so far this year.
Barings Private Equity Asia is one of the region's largest private equity firms and was bought by EQT in March.
Perpetual had A$89.8 billion of assets under management as of September-end. ($1 = 1.5748 Australian dollars)
News: RPL UPDATE 1-Australia's Perpetual rejects $1.1 bln buyout offer
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Last
$2.76 |
Change
0.050(1.85%) |
Mkt cap ! $982.8M | |||
| Open | High | Low | Value | Volume |
| $2.71 | $2.80 | $2.71 | $2.399M | 868.3K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 20000 | $2.74 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $2.80 | 6255 | 1 |
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| RPL (ASX) Chart |