Aussie fund manager Perpetual jumps on rejecting $2 bln takeover bid

Washington H. Soul Pattinson and

07/12/2023 24:10

(Updates with latest share moves and milestones)
    ** Shares of Australian financial services firm Perpetual
Ltd  PPT.AX  rise as much as 11.5% to A$26.50, marking their
biggest intraday pct jump since November 2022
    ** PPT at its highest level since July 27, and stock is top
gainer in the ASX 200 benchmark index  .AXJO 
    ** PPT on Wednesday rejected an A$3.1 bln ($2.03 bln)
takeover offer from its largest shareholder Washington H Soul
Pattinson (WHSP)  SOL.AX , hours after announcing plans to split
    ** Citi calculation suggests PPT valuation of A$29.20 per
share, higher than SOL offer of A$27.00 per share
    ** Citi predicts SOL bid has the "potential to flush out
other bidders"
    ** Morgan Stanley says PPT's strategic review could "unlock
upside for the stock"; adds its current PT of A$28.00 implies
~25% upside
    ** As of 2319 GMT, about 332,120 shares change hands, vs
30-day moving average of 281,250 shares
    ** PPT down 2.1% this year, as of last close, vs a 2%
increase in the ASX 200 benchmark index  .AXJO  

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))