Perpetual Limited (ASX:PPT) to acquire Pendal Group (ASX: PDL), shares grab limelight

Perpetual Limited (ASX:PPT) has signed a binding Scheme Implementation Deed with Pendal Group (ASX: PDL) to acquire 100% of shares in Pendal by way of a Scheme of Arrangement.

The company believes that the combination of the two businesses will create a leading global asset manager with a significant scale. 

As per the announcement, the transaction would see Perpetual’s Assets Under Management increase from AU$90 billion to a pro-forma AUM of AU$201 billion.

The acquisition will be effected through a share exchange with each 7.50 Pendal ordinary shares swapped for one newly issued share in Perpetual and AU$1.976 cash per Pendal share.

Based on the last closing share price of Perpetual as of 24 August 2022 of AU$30.30, the offer implies an offer price of AU$6.02 for each Pendal share. Perpetual and Pendal shareholders are likely to own nearly 53% and 47% of the combined group shares on closing, based on the current number of outstanding shares.

Meanwhile, today, Perpetual Limited shares were also in focus as the company announced its FY22 results. The share price of Perpetual Limited was seen trading 6.138% lower at AU$28.440 per share on ASX at 11:11 AM AEST, while Pendal Group shares were spotted trading 10.655% higher at AU$5.400 per share on ASX at 11:14 AM AEST.

Customer Notice:

Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.

Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com.au