Australia's Pepper Money surges on receiving takeover bid from Challenger-backed consortium

Challenger

08/02/2026 23:56

** Shares of Pepper Money PPM.AX rise as much as 33.5% to A$2.35 in early trade, hitting its highest level since December 8, 2025

** Stock logs the largest intraday pct jump to date

** Non-banking lender receives takeover proposal from investment manager Challenger CGF.AX and co's majority shareholder, Pepper Group

** Offer price of A$2.6 represents nearly 47.7% premium on last close

** Pepper Money's independent board grants Challenger exclusivity to conduct due diligence

** Challenger shares fall as much as 7.5% to A$8.25, its lowest since September 4, making it among the top losers on the broader benchmark.AXJO>

** More than 541,000 Pepper Money shares change hands, 2 times the 30-day average

** Stock marginally up 0.5% YTD, including the day's moves

(Reporting by Nikita Maria Jino in Bengaluru)

((Nikita.Jino@thomsonreuters.com;))