Pendal Group jumps most since March 2020 on $1.8 bln buyout offer from Perpetual

Great China Holdings Hong Kong

04/04/2022 02:21

** Shares of Australia's Pendal Group  PDL.AX  jump as much
as 24.1% to A$5.56, their biggest intraday pct gain since March
20, 2020
    ** The investment management firm receives non-binding
takeover offer from asset manager Perpetual Ltd  PPT.AX ,
valuing it at A$2.4 bln ($1.80 bln)  urn:newsml:reuters.com:*:nL2N2W10NZ
    ** Proposal at indicative value of A$6.23 per share, a
premium of 39.2% to the stock's last close of A$4.48
    ** Stock hits its highest since Jan 14
    ** Shares of Perpetual were temporarily paused, pending an
announcement  urn:newsml:reuters.com:*:nASX7dl67D
    ** PDL stock down 19.6% this year, as of last close
    

     ($1 = 1.3351 Australian dollars)

 (Reporting by Harish Sridharan in Bengaluru)
 ((harish.sridharan@thomsonreuters.com))