Money-manager deal gets asset allocation all wrong - AntonyMCurrie -
Australian asset manager and trust bank Perpetual has offered to buy money manager Pendal for A$2.4 billion , according to filings with the Australian stock exchange on April 4. The non-binding offer represents a 39% premium to the target’s closing price on April 1.
Under terms of the indicative deal, Perpetual would pay cash for around a quarter of the value of its offer. Pendal investors also would receive one share in their new owner for every 7.5 shares they currently own in the target, giving Perpetual shareholders 52% of the combined company. Perpetual expects to be able to cut around A$50 million in annual costs.
Perpetual shares closed down 6.6% on April 4, before rebounding slightly the following day. Pendal’s closed up 18% on April 4 and gained another 1.5% on April 5, leaving the shares trading at about 14% below the offer price.Source: Australian dollars are seen in an illustration photo February 8, 2018. REUTERS/Daniel Munoz - RC198C7DEBE0
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