Does the bid for Perpetual signal fund managers have become too cheap?

As we touched on earlier,  takeovers are in vogue in the embattled fund manager space i.e. lower prices bring with them value i.e. the Diversified Financials Sector has corrected over 30% in 2022. Perpetual (PPT) has bid for Pendal (PDL) and now a consortium has bid for PPT, the original suitor. The only given is we are likely to see further news across our screens with regards to these 2 plays. When we look at the underlying sector it looks very similar to our interpretation of the market as a whole:

• We are looking for a decent bounce by the Diversified Financial Index.