SYDNEY--Fund manager Perpetual Ltd. has rejected an unsolicited takeover proposal that values it at 1.72 billion Australian (US$1.09 billion). Perpetual on Thursday said the indicative proposal of A$30.00 per share in cash from a consortium of BPEA Private Equity Fund VIII and Regal Partners Ltd. materially undervalued the company and wasn't in the best interests of its shareholders. "Perpetual's board advises shareholders to take no action at this time," the company said. Perpetual said it is committed to advancing its proposed acquisition of Pendal Group Ltd., which was announced on August 25. Write to Alice Uribe at [email protected]
SYDNEY--Fund manager Perpetual Ltd. has rejected an unsolicited...
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