Perpetual confirmed the news in relation to a couple of offers for its corporate trust business.
The post Perpetual shares climb amid response to media speculation appeared first on The Motley Fool Australia. –
TheÂ Perpetual LimitedÂ (ASX: PPT) share price is edging higher on Wednesday following a mixed trading session on the ASX.
At the time of writing, the fund manager’s shares are up 1.59% to $29.43.
Perpetual confirms unsolicited offers
Investors are welcoming the response from Perpetual regarding “inbound interest” for its business, Perpetual Corporate Trust (PCT).
In itsÂ statement, Perpetual confirmed recent media speculation that it has received two unsolicited, non-binding, indicative offers for PCT.
Both offers are considered highly conditional, including being subject to due diligence and regulatory approvals.
PCT is a high-quality business that consistently delivers strong, non-market linked revenue growth…
In addition, Perpetual noted that it receives unsolicited, non-binding indicative proposals for PCT from time to time.
However, the company hosed down any assumptions about a potential sale revealing that it’s not currently pursuing divestment.
The unique combination of businesses within Perpetual provides earnings stability and optionality to invest through cycles, which creates significant value for our shareholders.
According to the details, the indicative proposal valued each Pendal share at $6.23.
The consideration is for 1 Perpetual share for every 7.5 Pendal share, along with a $1.67 cash offer for each Pendal share owned.
Perpetual share price snapshot
It’s been a disappointing 12 months for Perpetual shareholders with the company’s shares gradually treading lower.
Over the period, Perpetual shares have fallen 22% â trading just above their 52-week low of $27.32.
The post Perpetual shares climb amid response to media speculation appeared first on The Motley Fool Australia.
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