Inside Project Constantine, the plan to sell Perpetual
Soul Patts’ $3 billion offer for the asset manager set the stage for whirlwind negotiations and accelerated a sale that private equity firms had eyed for years.
Perpetual’s investors had been haranguing the asset manager for years. A series of poor acquisitions – and intense competition in funds management – had led to a near 45 per cent slump in its share price since 2019.
Then Washington H. Soul Pattinson turned up, lobbing a $3 billion bid in November.
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