July 19 (Reuters) - Australian investment manager Pendal Group (PDL) said on Tuesday it was in talks with Perpetual Ltd (PPT) regarding a potential transaction, about three months after rejecting the asset manager's A$2.40 billion takeover offer.
Discussions are not sufficiently advanced to warrant further disclosure to shareholders, Perpetual said in a separate statement.
Pendal, a former subsidiary of Westpac Banking Corp (WBC) , said in April the A$6.23-per-share offer from Perpetual "significantly undervalued" the company and not in the best interest of its shareholders.
As of Monday's close, Pendal had a market value of A$1.45 billion ($993.40 million). Shares of the company rose 4.4% before going on trading halt, while those of Perpetual were down 0.3%.
Perpetual said it would not require an equity raising for any potential transaction.
($1 = 1.4596 Australian dollars)
News: WBC Australia's Pendal in talks with Perpetual for potential transaction
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Last
$33.03 |
Change
-0.260(0.78%) |
Mkt cap ! $113.0B | |||
| Open | High | Low | Value | Volume |
| $33.24 | $33.35 | $32.82 | $105.9M | 3.205M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 200 | $32.97 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $33.04 | 4350 | 1 |
View Market Depth
| Last trade - 16.10pm 25/07/2025 (20 minute delay) ? |
| WBC (ASX) Chart |