News: PDL Australia's Perpetual rejects $1.1 bln buyout offer

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 BPEA Private Equity Fund VIII and Regal Partners Ltd.

The company said the A$30-per-share proposal materially undervalued it and added that it was committed to progressing its A$2.51 billion acquisition of rival Pendal Group (PDL) announced in August. ($1 = 1.5748 Australian dollars)