In today’s briefing:
- Oh, The Irony! Perpetual Rejects Soul Patts’ “Fair” Offer
Oh, The Irony! Perpetual Rejects Soul Patts’ “Fair” Offer
- Yesterday, Washington H. Soul Pattinson and Co. Ltd (SOL AU) made a $3bn scrip offer Aussie-listed equities manager Perpetual Ltd (PPT AU).
- Under the indicative terms, PPT shareholders receive one-third of the Offer in SOL shares, and two-thirds in PPT’s asset management arm via an in-specie spin-off.
- PPT rejected the proposal as it undervalues PPT, its corporate trust and wealth management businesses; and it offers SOL shares as consideration. But the Offer is not without merit.
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