Loose lips (sink bids?)
Perpetual reveals the bid EQT said would vanish on disclosure.
Good morning.
A few hours ago Perpetual told the market about a new $2.55 billion bid from EQT-backed Windflower that the suitor said would be “regarded as being automatically withdrawn” the moment it was disclosed. The bump is 2% on the $21.64 a share previously rejected and still hangs on Bain Capital completing its purchase of the wealth business.
Perpetual’s board disclosed it anyway, deeming that “appropriate” and noting its continuous disclosure obligations. The board says it is considering the proposal with financial and legal advisers. Considering what, exactly? If EQT meant what it wrote, there is nothing left to consider.
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Shares in gold and silver miner Kingsgate Consolidated surged on Wednesday after the company said repairs at its Chatree mine in Thailand were tracking well, with half of Plant 1’s normal processing capacity restored. The recent ASX 200 addition had led the index’s losses over the previous two sessions, when a controlled shutdown halted processing at the plant.
