Perpetual agrees deal to purchase JO Hambro owner Pendal

A$2.5bn offer

Australian fund manager Pendal Group, parent company of JO Hambro, has accepted an A$2.5bn (£1.5bn) takeover offer from rival firm Perpetual.

The offer will give Pendal shareholders the equivalent of A$6.54 per share in the merger, with one Perpetual share for every 7.5 of Pendal, as well as A$1.976 cash for each Pendal share. This is an A$0.306 increase per Pendal share from the first bid made in April, which Pendal told its shareholders was inadequate. Pendal said that all key brands and key investment teams will be retained, including JO Hambro and Regnan. Investment strategies and processes, along with client services and sales team will also remain unchanged. JO Hambro launches global select Shariah fund The ...