were in talks through the evening hoping to strike an agreement before Perpetual delivered its full-year results.in April, but it was rejected by the Pendal board a week later. But both companies confirmed that takeover talks had been reopened in late July.
“We believe the combination represents a strategically and financially compelling opportunity for both sets of shareholders, with our respective strategic ambitions realised significantly sooner than would otherwise occur.”Financial Review Mr Good said the biggest factor in getting Pendal over the line was “a belief in the potential for the combined organisation” but said the financial terms had become more compelling.
Perpetual says it will de-leverage its operations once it generates cash flows, but the dividend target to pay out 60 to 90 per cent of underlying net profits will remain in place. In late July Perpetual reported $4 billion of outflows from its Australian and international funds in the June quarter as overall assets under management slipped 8 per cent to $90.5 billion., which increased speculation that a tie-up would be on the cards.
Source: News Formal (newsformal.com)
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