Perpetual enters trading halt ahead of potential takeover offer announcement
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The news: Perpetual Group has entered a trading halt before it makes an announcement referring to an approach it has received “in relation to a potential change of control transaction”.
The numbers: Before trading paused, Perpetual shares had lifted 16.8% to $18.10.
The context: The trading halt will remain in place until before the commencement of trading on 2 July 2026. It initially entered a trading pause just before midday.
On Tuesday, The Australian reported that the Charitable Alliance, which represents corporate and philanthropic investors, is making a last-minute effort to stop the $550 million sale of Perpetual’s Wealth arm to US private equity giant Bain Capital. The deal was announced in March and followed similar US interest in the Australian wealth industry.
The Charitable Alliance is concerned there is nothing stopping Bain from increasing its returns by ramping up fees, appointing itself as an investment manager for trust capital or directing investment to its other entities.
The sources: ASX, ASX, The Australian
