An improved and swiftly rejected takeover bid for investment firm Perpetual by a hedge fund and private equity consortium has intensified the pressure on the company’s board as traders scrambled to close bets that the acquisition of Pendal Group would proceed.
In a day of high sharemarket drama, investment management group Pendal Group rejected speculation that Perpetual may walk away from its agreed deal as “inaccurate and contrary to a certain and well-functioning market for corporate control,” while Perpetual’s board hit back, claiming it had a fiduciary obligation to consider its options amid interest from suitors.
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Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
Jemima Whyte writes on business, specialising in companies, capital markets and innovation. Jemima has reported on business for The Australian Financial Review for more than 13 years. Email Jemima at jemima.whyte@afr.com
