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Perpetual, Pendal agree on terms of revised takeover offer
InvestorDaily
The wealth management companies have struck a new deal, which includes a reduction in the cash component and an increase in the scrip consideration. Perpetual Limited has agreed to revise the cash and scrip consideration mix of its offer to purchase 100 per cent of shares in Pendal Group. Under the revised terms, Pendal shareholders would receive one newly issued share in Perpetual, in exchange for seven Pendal ordinary shares and $1.65 cash per Pendal share.
Perpetual had previously offered one newly issued share in exchange for 7.50 Pendal ordinary shares and $1.976 cash per Pendal share. This represents a 16.5 per cent reduction in the cash component. There has been no revision to the $6.54 offer price, which was based on Perpetual’s undisturbed share price of $34.23 as of 1 April 2022.
The rest of this article can be found at investordaily.com.au.
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