Pendal/Perpetual still working on deal ‘despite what you may have read in the press’

Perpetual’s proposed acquisition of Pendal has seen both parties agree to advised terms in the arrangement.

The new terms would see Pendal shareholders receive one newly-issued share in Perpetual in exchange for 7 ordinary shares from Pendal and $1.65 cash per Pendal share.

The original offer was one newly-issued share in Perpetual for 7.5 Pendal shares and $1.976 cash per Pendal share.

Pendal Australia chief executive Richard Brandweiner said the firm continues to believe the proposal would create Australia’s pre-eminent global asset manager.

“Since then – despite what you may have read in the press – Pendal and Perpetual have been working together constructively to finalise the details of this proposal,” he said.

Perpetual chair Rob Adams will chat with Conexus Financial managing editor Julia Newbould in a fireside chat at the Professional Planner Researcher Forum on 1 December.