Pendal Group: Receives $2.4b bid from Perpetual (ASX:PPT)

Pendal Group Receives $2.4b bid from Perpetual (ASX:PPT)

• Pendal Group (PDL) shares soar on the market today, after receiving a $2.4 billion takeover offer from Perpetual (PPT)
• The company has received a conditional, non-binding indicative proposal from Perpetual through an all share deal
• The proposal is one Perpetual share for every 7.5 Pendal shares, with an extra $1.67 for every Pendal shares owned prior to the takeover
• However, the deal is subjected to a number of conditions including negotiation and executive of transaction documentation and receipt of all approvals
• PDL shares are up 21.2 per cent, trading at $5.43, PPT shares dropped 6.56 per cent, trading at $31.99