Perpetual’s Pendal takeover is ‘fair and reasonable’
An independent expert report has recommended shareholders back the $2.7bn deal, but warned there are risks if key investment managers decide to leave.
An independent expert report has recommended shareholders back the $2.7bn deal, but warned there are risks if key investment managers decide to leave.
Perpetual’s longstanding head of equities Paul Skamvougeras has walked out the door as it remains in a messy three-way takeover tussle. Date set for Pendal vote.
The corporatisation of horse racing has given the sector the same shape for investors as an ASX float, and has helped drive a boom in ownership syndicates.
But a new higher scrip, lower cash offer means Pendal shareholders will hold 48.8 per cent of the combined company.
The battle between Perpetual and Pendal has dragged into a second day in court as Perpetual stalls in case of a potential higher offer from a Regal–EQT consortium.
Perpetual has rejected an ‘under valued’ $1.7bn takeover bid from Baring and Regal and insists it plans to proceed with its takeover of Pendal instead.
The Reserve Bank is failing to curb inflation, warns Investors Mutual founder Anton Tagliaferro.
Chief executive Brian Benari says Barrenjoey is ‘well-placed’ to manage the slowdown in takeovers and IPOs because of its expansion into fixed income.
Optus boss Kelly Bayer Rosmarin has been helping guide the health insurer by sharing her ‘learnings’ from an earlier data breach that exposed highly personal customer information.
Link chairman Michael Carapiet has warned against a second strike action at the takeover target’s upcoming AGM.
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