It’s handbags at 10-paces as Perpetual revived the fundie wars with another bid for Pendal.
While the deal may make sense for directors, bankers and perhaps even management teams, there’s little love lost between the two big Australian managers when it comes to investment teams, distribution arms, and other foot soldiers.
Both sides made it clear nothing had been agreed as of Tuesday; however, they’re clearly talking about another scrip-heavy style bid similar to Perpetual’s “you take 48 per cent, we’ll have 52 per cent” offer lobbed in April.
You’d have to think Perpetual had sweetened the terms since, otherwise Pendal would’ve rejected it by now. A sweetener could be a little more cash, a bit more of the scrip, or perhaps even some softer concessions like board seats and/or management slots.
Either way, it promises to be an interesting few weeks, not least of all for Perpetual and Pendal’s highly regarded Australian fund managers, who both like to have a say when it comes to company strategy.
It’s burritos all round in Blackstone’s private equity unit, as the group’s team runs the numbers on Australian born-and-bred fast food chain Zambrero.
