Perpetual to acquire Pendal for $1.8bn.

Perpetual, an Australian investment fund and trustee group, offered to acquire Pendal, an independent global investment management business, for $1.8bn. The Board of Pendal has commenced an assessment of the Indicative Proposal, considering the value of Pendal on a strategic and control basis. The Board is also carefully assessing the outlook for Perpetual and the proposed combined group given the significant scrip component of the proposed consideration.