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Perpetual rejects improved takeover bid
InvestorDaily
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 investordaily.com.au.
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