(Adds details in paragraphs 2-4)
Dec 12 (Reuters) - Perpetual Ltd's (PPT) top investor, Australian diversified investment firm Washington H. Soul Pattinson and Company (WHSP) (SOL) , has increased its stake in the company to 11.66%, according to an exchange filing made on Tuesday.
This comes after the fund manager rejected WHSP's A$3.1 billion ($2.04 billion) takeover offer last week, saying the proposal undervalued its business.
WHSP previously held a nearly 10% stake in Perpetual as of Dec. 6, the day the takeover offer was made.
The proposal came at a time of consolidation in the Australian wealth management market. Perpetual bought rival Pendal for A$2.5 billion earlier this year and Regal Investment Fund (RF1) picked up PM Capital last month.
($1 = 1.5165 Australian dollars)
News: PPT UPDATE 1-WHSP raises stake in Australian fund manager Perpetual
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Last
$19.90 |
Change
0.060(0.30%) |
Mkt cap ! $2.282B | |||
| Open | High | Low | Value | Volume |
| $20.00 | $20.14 | $19.77 | $4.480M | 224.8K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 772 | $19.89 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $20.02 | 85 | 1 |
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