Soul Patts ‘low-ball’ Perpetual bid likely to spark other offers
Jonathan ShapiroSenior reporter
Key Points
- Perpetual shares jumped over 7.7pc on prospects it will be broken up
- Soul Patts $3bn bid was rejected, but analysts say other bidders may emerge
- Analysts are siding with the company’s view that the bid undervalued Perpetual
Investment conglomerate Washington H Soul Pattinson’s $3 billion bid for Perpetual is a low-ball offer but may lure other bidders and ease the frustration of shareholders.
That is the view of research analysts who had a busy 24 hours weighing up the merits of the Perpetual board’s admission that it was exploring a demerger, followed by Washington H Soul Pattinson’s disclosure that it had lobbed a bid for Perpetual.
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