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Pendal Surges on Takeover Offer

The Pendal Group share price has surged today after Perpetual have offered a 2.4-billion-dollar takeover offer.


Shareholders are extremely positive today after digesting news around Perpetual Ltd’s offer of a $6.23 per share takeover offer which represents a massive premium of the previous Friday close of $4.28 per share. By the end of the trading day, PDL shares rose over 18% on this news ending the day at $5.29 a share.


Pendal advised that it has received an initial indicative proposal from Perpetual to totally acquire Pendal shares via a scheme of arrangement.


The indicative proposal is for a consideration of one Perpetual share for every 7.5 Pendal shares.Further to this, every Pendal shareholder will receive $1.67 for every Pendal share owned prior to the takeover. This is an indicative value of $6.23 per Pendal share based on the closing price of Perpetual shares last Friday.


Shareholders are to be aware that while this offer has been made there are prior requirements to me made. Due diligence, negotiation documentation, regulatory approvals etc will be needed to make this offer valid.


Shareholders don’t need to do anything for now, Pendal advised it will update the market as developments occur.