‘Clever’ Soul Patts bid has put Perpetual back in play
The future of the 137-year-old investment company is uncertain as bidders sense an opportunity to swoop while the chips are down.
Storied investment house Perpetual has a distinguished history in Australian financial services stretching back 137 years, but a more recent history of fielding takeover bids that have ultimately failed to reach the finish line.
US private equity bohemoth KKR tried it on in 2010. Regal, led by Phil King, attempted to take a couple of bites of the cherry last year with PE firm EQT in tow, and now 120-year old conglomerate Soul Patts has thrown its hat into the ring.
That latest $3 billion offer to acquire the other 90% of Perpetual on Wednesday was swiftly – and predictably – rejected out of hand on the grounds that it “materially undervalued” the financial services conglomerate, a company statement said.
Analysts appear to agree.
“At first glance, the offer looked good at $27 a share but when you really look at the details, it appears quite different,” Marcus Barnard from Bell Potter told Capital Brief.
