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Perpetual

  •   25 August 2022
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Pendal enters into Scheme Implementation Deed with Perpetual

25 August 2022 - NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES

Pendal Group Limited (ASX:PDL) (Pendal) today announces it has entered into a Scheme Implementation Deed (SID) with Perpetual Limited (ASX:PPT) (Perpetual) under which Perpetual will acquire 100% of Pendal shares by way of a Scheme of Arrangement (Scheme).

The Scheme consideration (Scheme Consideration) comprises 1 Perpetual Share for every 7.5 Pendal shares plus $1.976 cash for each Pendal share. The cash consideration of $1.976 per share will be reduced by the amount of any final dividend paid to Pendal shareholders for the six months ending 30 September 2022.

Pendal’s Board unanimously recommends that shareholders vote in favour of the Scheme, in the absence of a superior proposal and subject to an Independent Expert Report concluding (and continuing to conclude) that the Scheme is in the best interests of shareholders.

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