In today’s briefing:
- Perpetual Needs To Pay Up For Pendal
- Tassal: Cooke Increases Its Stake to 10.49%
Perpetual Needs To Pay Up For Pendal
- Back on the 4 April, asset manager Pendal Group (PDL AU) announced a non-binding proposal from investment firm Perpetual Ltd (PPT AU).
- As widely expected, Pendal’s board unanimously determined that the indicative cash/scrip Offer significantly undervalued the current and future value of the company.
- Pendal said yesterday that it is still in discussions with Perpetual regarding a potential transition. Using yesterday’s close, and applying the same terms, backs out an indicative price of A$5.67/share.
Tassal: Cooke Increases Its Stake to 10.49%
- On 19 July, Cooke, the spurned suitor, increased its stake in Tassal (TGR AU) to 10.49%. The average price to build the 10.49% stake is A$4.14 per share.
- Cooke also hired Phil Wiese, the former CEO of Huon Aquaculture (HUO AU), as a MD in Canada. Mr Wiese is well qualified to run Tassal should Cooke acquire it.
- With shareholders happy to sell to Cooke despite the Board’s assertions that the previous bid undervalued Tassal, a new offer will force the Board to engage.
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