Soul Patts raises stake in takeover target Perpetual
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The news: Investment group Washington H. Soul Pattinson has raised its stake in takeover target Perpetual.
The numbers: An ASX filing late on Tuesday disclosed that Soul Patts had paid $141 million for 5,666,727 Perpetual shares. Its stake has increased from 6.66% to 11.66%.
The context: Soul Patts last week offered $3 billion to acquire the remaining 90% of Perpetual. The Perpetual board rejected the offer and said it materially undervalued the conglomerate.
Perpetual appears bound to change regardless of a takeover. It has said it is considering a restructure to liberate value by properly distinguishing its asset management from its trustee business.
The source: Washington H. Soul Pattinson
