Perpetual rejects Soul Pattinson’s offer
Perpetual (ASX:PPT) has rejected Washington H. Soul Pattinson's (ASX:SOL) all-paper offer, which includes no cash.
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Perpetual is an ASX-listed, diversified financial services company which has been serving Australians since 1886.
Across our three businesses – Perpetual Investments, Perpetual Private and Perpetual Corporate Trust – we protect and grow our clients’ wealth, knowing that by doing so we can make a difference in their lives.
Trust is earned, every day.
We have been earning the trust of our clients for more than 130 years and pride ourselves on our long-standing client relationships – some of which span five generations.
In this video, Perpetual’s CEO Rob Adams talks about how trust has to be earned every day. And introduces a telling true-to-life example.
Perpetual (ASX:PPT) has rejected Washington H. Soul Pattinson's (ASX:SOL) all-paper offer, which includes no cash.
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Perpetual has rejected an unwanted $30-per-share takeover offer valuing it at $1.68 billion from a consortium comprising Baring Private Equity Asia and Regal Partners.
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Rationalisation afoot in the local funds management industry with Sydney-based Perpetual revealing an offer to pay $2.4 billion for Pendal, the old investment arm of Westpac.
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A keynote presentation on technology will be provided by Thomas Rice, Portfolio Manager for Perpetual Limited's Global Innovation Share Fund.
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Perpetual has confirmed that it is moving to buy a US fund manager in a $465 million deal, and is raising new capital from local shareholders to do so.
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Target price lifts to $40.40 from $39.40. Neutral rating retained.
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The broker maintains its Add rating and lifts its target to $42.21 from $41.63.
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Perpetual's business update was "disappointing". As a result, earnings have been downgraded by -4-6% across the forecast period. Outperform rating is maintained with the target falling to $37.50 from $39.
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Credit Suisse now assesses Perpetual is offering value, amid a reduced attrition risk and a likely moderation in outflows.
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