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The A$6.23 per share offer for Pendal, a former unit of Westpac Banking (NYSE:WBK) Corp, was first disclosed on April 4 and was at a 39.2% premium to the stock’s close on April 1.
Pendal said that after assessing Perpetual’s cash-and-stock proposal, it has determined that the offer was not in the best interests of its shareholders.
Perpetual did not immediately respond to a Reuters request for comment.
($1 = A$1.35)
