PDL pendal group limited

(Adds offer details) April 4 (Reuters) - Australia's Pendal...

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    (Adds offer details)

    April 4 (Reuters) - Australia's Pendal Group (PDL) said on Monday it received a non-binding takeover offer from asset manager Perpetual Ltd (PPT) , valuing the investment management firm at around A$2.4 billion ($1.80 billion).

    Under the proposal, Pendal's shareholders will receive 1 Perpetual share for every Pendal share they hold, along with A$1.67 in cash, taking the offer price to A$6.23 per share, a premium of 39.2% to the stock's last close of A$4.48.

    Pendal, which said it will assess the offer, noted it comes at a time of significant geopolitical instability, which combined with the economic impact of the COVID-19 pandemic, has impacted the trading values of asset managers. ($1 = 1.3356 Australian dollars)

 
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