Perpetual rejects improved takeover bid

Posted by Anton Murray Consulting on 10 Nov, 2022


The wealth management company has brushed off a second “unsolicited” takeover proposal in just a week. Perpetual Limited has notified shareholders of a second “unsolicited” conditional, non-binding indicative proposal from a consortium comprising of BPEA Private Equity Fund VIII and Regal Partners Limited. The consortium improved their initial bid of $30.00 per share (announced on 3 November), placing a follow-up offer to purchase 100 per cent of the shares on issue for $33.00 cash per share.

But Perpetual told shareholders the offer “continues to materially undervalue the company”. “Perpetual’s board has considered a number of factors, including value, high conditionality, transaction and execution risks, in determining that the consortium’s revised Indicative Proposal is not in the best interests of its shareholders and has therefore rejected the offer,” the company noted in a statement on the ASX. The firm has again advised shareholders to “take no action”, adding it would inform the market of any subsequent developments.

 The rest of this article can be found at

Latest market insights

Lonsec makes new executive appointments

› Read more

RBA names new head of domestic markets

› Read more

Why nuance matters in ESG investing

› Read more

Fed issues warning to banks over crypto-assets

› Read more

Asset managers urged to adopt uniform ESG standards

› Read more

Twitter feed

RBA names new head of domestic markets:

This is an exceptional Unit Pricing Analyst position, working for a highly-regarded super fund based in Melbourne on an initial 6-month contract:

Why nuance matters in ESG investing:

Our client is a leading Australian financial institution seeking an experienced and knowledgeable Treasury Operations candidate to join and lead their small Treasury Ops team:

Sign up to our newsletter

Sign up to our newsletter

"*" indicates required fields

By subscribing to our newsletter I agree to the collection, use and disclosure of my personal information in accordance with our Privacy Policy