The Perpetual Limited (ASX: PPT) share price is edging higher on Wednesday following a mixed trading session on the ASX.
At the time of writing, the fund manager's shares are up 1.59% to $29.43.
In comparison, the S&P/ASX 200 Index (ASX: XJO) is heading the other way, down 0.1% to 6,801 points.
Perpetual confirms unsolicited offers
Investors are welcoming the response from Perpetual regarding "inbound interest" for its business, Perpetual Corporate Trust (PCT).
In its statement, Perpetual confirmed recent media speculation that it has received two unsolicited, non-binding, indicative offers for PCT.
Both offers are considered highly conditional, including being subject to due diligence and regulatory approvals.
Perpetual said:
PCT is a high-quality business that consistently delivers strong, non-market linked revenue growth…
In addition, Perpetual noted that it receives unsolicited, non-binding indicative proposals for PCT from time to time.
However, the company hosed down any assumptions about a potential sale revealing that it's not currently pursuing divestment.
Perpetual added:
The unique combination of businesses within Perpetual provides earnings stability and optionality to invest through cycles, which creates significant value for our shareholders.
Last week, Perpetual made a $2.4 billion bid to acquire Pendal Group Ltd (ASX: PDL) by a scheme of arrangement.
According to the details, the indicative proposal valued each Pendal share at $6.23.
The consideration is for 1 Perpetual share for every 7.5 Pendal share, along with a $1.67 cash offer for each Pendal share owned.
Perpetual share price snapshot
It's been a disappointing 12 months for Perpetual shareholders with the company's shares gradually treading lower.
Over the period, Perpetual shares have fallen 22% – trading just above their 52-week low of $27.32.
Perpetual has a price-to-earnings (P/E) ratio of 15.95 and commands a market capitalisation of approximately $1.64 billion.
