(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: SOL UPDATE 1-WHSP raises stake in Australian fund manager Perpetual
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Last
$42.16 |
Change
-0.360(0.85%) |
Mkt cap ! $15.50B | |||
| Open | High | Low | Value | Volume |
| $42.52 | $42.69 | $42.06 | $18.75M | 442.2K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 1239 | $42.16 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $42.41 | 1088 | 4 |
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| Last trade - 16.10pm 07/08/2025 (20 minute delay) ? |
| SOL (ASX) Chart |