Australia's Perpetual agrees deal to purchase JO Hambro owner Pendal

Elliot Gulliver-Needham
clock • 1 min read
The acquisition will create the second largest asset manager by size in Australia
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The acquisition will create the second largest asset manager by size in Australia

Australian fund manager Pendal Group, parent company of JO Hambro, has accepted an A$2.5bn (£1.5bn) takeover offer from rival firm Perpetual. The offer will give Pendal shareholders the equivalent of A$6.54 per share in the merger, with one Perpetual share for every 7.5 of Pendal, as well as A$1.976 cash for each Pendal share, reports sister site Investment Week. This is an A$0.306 increase per Pendal share from the first bid made in April, which Pendal told its shareholders was inadequ...

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