(Adds background on previous offer)
Nov 10 (Reuters) - Australian asset manager Perpetual Ltd (PPT) said on Thursday it rejected a higher A$1.85 billion ($1.19 billion) bid from EQT-owned Barings Private Equity Asia (BPEA) and Regal Partners (RPL) .
Perpetual said the new bid "continues to materially undervalue the company".
The new bid, at A$33 a share, represents a 13.4% premium to Perpetual's last closing price. The consortium had previously offered A$30 a share, which Perpetual rejected.
Perpetual is also under investigation from the country's securities regulator because of a spike in its share price in the final minute of trading a day before it announced the A$30 per share bid.
The company is also in the process of acquiring rival Pendal Group (PDL) for A$2.51 billion.
BPEA is one of the largest private equity players in the region, and was acquired by EQT in March. ($1 = 1.5555 Australian dollars)
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Last
$3.05 |
Change
-0.030(0.97%) |
Mkt cap ! $1.033B | |||
| Open | High | Low | Value | Volume |
| $3.03 | $3.08 | $3.02 | $1.049M | 344.4K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 10000 | $3.04 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $3.08 | 12794 | 2 |
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| Last trade - 16.10pm 08/08/2025 (20 minute delay) ? |
| RPL (ASX) Chart |