(Adds details, background)
Nov 3 (Reuters) - Australian asset manager Perpetual Ltd (PPT) said on Thursday it rejected a A$1.68 billion ($1.07 billion) takeover offer from a consortium of overseas and local private equity and funds management firms.
The company said the A$30-per-share proposal from Barings Private Equity Asia, which was recently bought by EQT EQTAB.ST , and Australian firm Regal Partners (RPL) materially undervalued he firm.
Perpetual said it would press on with its planned A$2.51 billion acquisition of rival Pendal Group (PDL) announced in August.
The private equity offer represents a premium of about 11.5% to Perpetual's last close of A$26.90.
Shares in Perpetual, which has a market capitalisation of nearly A$1.55 billion, have fallen 25.2% so far this year.
Barings Private Equity Asia is one of the region's largest private equity firms and was bought by EQT in March.
Perpetual had A$89.8 billion of assets under management as of September-end. ($1 = 1.5748 Australian dollars)
(Adds details, background) Nov 3 (Reuters) - Australian asset...
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Last
$33.66 |
Change
-0.330(0.97%) |
Mkt cap ! $115.1B | |||
| Open | High | Low | Value | Volume |
| $33.68 | $33.91 | $33.53 | $98.77M | 2.930M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 1000 | $33.63 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $33.70 | 3740 | 3 |
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| WBC (ASX) Chart |