Perpetual rebuffs takeover bid
Perpetual Limited has revealed it has rejected a non-binding indicative takeover proposal from a private equity-led consortium.
Perpetual has announced to the Australian Securities Exchange that it received an unsolicited conditional, non-binding indicative proposal to acquire 100% of the shares on issue in Perpetual from a consortium comprising BPEA Private Equity Fund VIII and Regal Partners Limited.
It said the indicative proposal of $30 cash per share materially undervalued Perpetual.
“This offer is uncertain and conditional and the Perpetual Board believes that it is not in the best interests of shareholders to engage on this offer and has therefore rejected the offer,” the ASX announcement said.
It said Perpetual was committed to progressing the acquisition of Pendal.
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