Australia's Pendal Agrees to $1.72 Billion Sale to Perpetual.

(Bloomberg) -- Australian funds business Pendal Group Ltd. has agreed to a A$2.5 billion ($1.72 billion) merger with wealth manager Perpetual Ltd. Shareholders in Pendal will get the equivalent of A$6.54 per share in the merger, with one Perpetual share for every 7.5 of Pendal, plus A$1.976 cash for each Pendal share, Perpetual announced along with its full-year results on Thursday. The agreement marks an increase of A$0.306 per share from the first April proposal Pendal told its shareholders was inadequate, but will make for a larger global distribution team for the smaller multi-boutique fund manager in charge of about A$125 billion, and create a near-unrivaled global asset manager by size among Australian funds. [Extracted from the article]

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