Revisiting Perpetual (PPT AUJ) After EQT's Revived - And Rejected - Bid
Perpetual Ltd (PPT AU) has been in the cross hairs since KKR’s all-in 2010 tilt; while bids have landed for various units, all of which came to nought.
In March of this year, Perpetual announced it was offloading its wealth management arm to Bain for A$550mn. Then last week, Perpetual rejected EQT’s A$21.64/share all cash NBIO.
Perpetual is trading ~12% adrift of those indicative terms - and down 9% in the past year. There are signs the Street is turning (mildly) positive.
The Trade:
Perpetual is not expensive here.
I might get some exposure here; but preferably on any material pullback as the EQT buzz subsides.
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