Perpetual Limited (ASX:PPT) entered into non-binding indicative proposal to acquire Pendal Group Limited (ASX:PDL) from a group of shareholders for AUD 2.6 billion on April 4, 2022. As per the transaction, Perpetual Limited will issue 1 share for every 7.5 Pendal shares plus AUD 1.67 cash for each Pendal share. The transaction is subject to due diligence, negotiation and execution of transaction documentation and receipt of all applicable regulatory and other approvals. The Goldman Sachs Australia Pty Ltd acted as financial advisor and Herbert Smith Freehills acted as legal advisor to Perpetual Limited (ASX:PPT) and Macquarie Group Limited acted as financial advisor and King & Wood Mallesons acted as legal advisor to Pendal Group Limited.

Perpetual Limited (ASX:PPT) cancelled the acquisition of Pendal Group Limited (ASX:PDL) from a group of shareholders on April 12, 2022. Pendal Group Limited's board unanimously determined that transaction is significantly undervalues the current and future value of Pendal and is therefore not in the best interests of shareholders.