Australia's Pepper Money drops after Challenger trims takeover bid

Challenger

17/03/2026 24:52

** Shares of Australia's Pepper Money PPM.AX fall as much as 11.4% to A$1.870, their biggest intraday drop since late-August 2023

** The non-banking lender said Challenger Ltd CGF.AX submitted a reduced takeover offer to acquire PPM, valuing it at A$1.01 billion ($713.57 million) from earlier valuation of A$1.16 billion

** The revised offer of A$2.25 per PPM share represents a 6.6% premium to last close

** Challenger's revised proposal for Pepper Money is its best and final offer - Co

** Around 818,000 PPM shares change hands, nearly 1.2x 30-day average

** PPM stock down 11.1%, YTD

($1 = 1.4154 Australian dollars)

 (Reporting by Keshav Singh Chundawat in Bengaluru)

 ((Keshav.singhchundawat@thomsonreuters.com))