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Australian diversified investor Washington H Soul Pattinson (WHSP) (SOL) has made a A$3.1 billion ($2 billion) bid for domestic fund manager Perpetual (PPT) in the latest sign of consolidation in the country's wealth management sector.
WHSP is Perpetual's largest shareholder with a 9.9% stake and the bid came hours after Perpetual said it was undertaking a strategic review of its business.
The indicative non-binding scrip bid values Perpetual at A$27 a share which is a 28.6% premium to its share price on Nov. 13 when WHSP revealed an increased stake in the company.
Under the bid, Perpetual's asset mangement business would be spun off and distributed back to Perpetual's existing shareholders, WHSP said in a statement.
WHSP would retain ownership of Perpetual's wealth management and corporate trust businesses.
"WHSP believes the complexity of the Perpetual group together with the current market backdrop and Perpetual's high financial leverage is weighing on the share price and constraining Perpetual's strategic flexibility," the firm said in a statement. ($1 = 1.5184 Australian dollars)
(Adds deal detail from second paragraph) Australian diversified...
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Last
$40.58 |
Change
0.080(0.20%) |
Mkt cap ! $14.92B | |||
| Open | High | Low | Value | Volume |
| $40.40 | $40.89 | $40.07 | $11.41M | 281.4K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 413 | $40.55 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $40.74 | 857 | 1 |
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| Last trade - 16.10pm 30/07/2025 (20 minute delay) ? |
| SOL (ASX) Chart |