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Perpetual (PPT) $33.40 / Pendal (PDL) $3.91 / Regal (RPL) $3.01

PPT +14.82%, PDL –10.93% , RPL +4.15%: This morning the Regal/BPEA consortium increased the indicative offer put to PPT management to $33 up from the original bid at $30. While PPT knocked back the higher bid again, at $33 it represents ~28% premium to 1 day VWAP prior to deal and over the magical M&A level (30%) at 36% on the 30-day VWAP metric, so in other words, it’s getting to be a harder call for PPT to rebuff, indeed we are surprised they have. While Pendal (PDL) / Perpetual (PPT) deal is a binding one, it can be broken with the payment of a break fee ($23m) which in the scheme of the deal, is not insurmountable. As it stands, RPL have moved fast and have with a strong bid on the table,  PPT is now on the backfoot and attempting to delay the first court hearing for the scheme of arrangement for the Pendal deal, while PDL have got their backs up and turned slightly hostile it seems.

MM is now long RPL in our Emerging Companies Portfolio
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Regal Partners (RPL)
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