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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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
