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(Reuters) -Pendal Group Ltd said on Tuesday the A$2.40 billion ($1.78 billion) non-binding takeover offer from asset manager Perpetual Ltd “significantly undervalued” the Australian investment manager.
The A$6.23 per share offer for Pendal, a former unit of Westpac Banking Corp, was first disclosed on April 4 and was at a 39.2% premium to the stock’s close on April 1.
Pendal said that after assessing Perpetual’s cash-and-stock proposal, it has determined that the offer was not in the best interests of its shareholders.
Perpetual did not immediately respond to a Reuters request for comment.
($1 = A$1.35)
(Reporting by Harish Sridharan and Savyata Mishra in Bengaluru; Editing by Maju Samuel)