Perpetual boasts around $200 billion of funds under management following the merger, in which it offered one of its own shares and $1.65 cash for every seven Pendal shares.

The Perpetual share price is up 1.26% right now, trading at $26.53.

For comparison, the ASX 200 is up 0.04% right now at 7,455.3 points.

Let's take a closer look at the latest news from the newly merged ASX 200 financial giant.

Perpetual share price outperforms on Monday

It's shaping up to be a bright day for the Perpetual share price as the notably larger company looks to its future.

The completion of its major acquisition sees the company appointing two former Pendal directors to its board.

Kathryn Matthews and Christopher Jones will take a seat at the Perpetual table. Meanwhile, Craig Ueland will retire from the board tomorrow.

Perpetual chair Tony D'Aloisio also commented on the merger of "two of Australia's oldest and most respected active asset management businesses", saying:

Through this transaction we have created a leading global multi boutique asset manager with significant scale, diversified investment strategies, world-class ESG capabilities and a stronger global distribution capability, complemented by Perpetual's high-quality wealth management and trustee businesses.

Perpetual managing director and CEO Rob Adams also flagged "the beginning of an exciting new chapter".

He noted that, so far, 98% of Pendal clients (by revenue) whose consent for the change of control was required have given it.

Perpetual updates earnings guidance

Now, the company will work to realise an expected $60 million of run-rate pre-tax expense synergies.

That's expected to bring a one-off pre-tax cost of around $110 million over the coming 18 months, while transaction costs are tipped to come in at around $40 million.

Next month, Perpetual still expects to post between $65 million and $70 million of underlying profit after tax for the first half.

Its full-year expense growth is also on track to come in at the higher end of its previous guidance.

Further full-year guidance is expected to be released in April.

A long road to get here  

It's been nearly 10 months since Perpetual first put forward a bid for Pendal. And it's been a dramatic ride to get here.

The takeover was first flagged back in April 2022. Then, Perpetual offered one share and $1.67 cash in exchange for 7.5 Pendal shares. That bid was soon rejected by Pendal.

Months later, Perpetual put forward a second bid, offering one share and $1.976 cash for 7.5 Pendal shares. That offer was later changed, though its value stayed put.

Pendal shareholders received one Perpetual share and $1.65 cash for seven stocks. That valued Pendal shares at $6.161 apiece and the company at $2.4 billion as of mid-November.

In the meantime, Perpetual itself became a takeover target. Last year, a consortium bid as high as $33 per share for the asset manager.

The post Perpetual share price gains as $2b Pendal acquisition officially completed appeared first on The Motley Fool Australia.

Will the market be able to build on this on Monday? Here are five things to watch:

ASX 200 expected to jump

The Australian share market looks set to continue its rise on Monday following a strong finish to the week on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 70 points or 1% higher this morning. On Wall Street, the Dow Jones was up 2.1%, the S&P 500 rose 2.3%, and the NASDAQ jumped 2.55%. Investors were piling back into shares after signs that inflation is easing sparked hopes that interest rates may not rise as much as feared.

Oil prices mixed

ASX 200 energy shares Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) could have a subdued start to the week after a mixed finish to the week for oil prices. According to Bloomberg, the WTI crude oil price was up 0.15% to US$73.77 a barrel and the Brent crude oil price fell 0.15% to US$78.57 a barrel. Oil prices were down over 8% for the week amid global recession concerns.

Tech shares on watch

It could be a great session for tech shares such as Altium Limited (ASX: ALU) and Xero Limited (ASX: XRO) on Monday after their US counterparts stormed higher on Friday. Investors were scrambling to buy tech shares amid signs that inflation is easing. The NYSE listed Block Inc (ASX: SQ2) share price jumped almost 7%.

PEXA added to ASX 200

The PEXA Group Ltd IASX: PXA) share price will be one to watch on Monday after S&P Dow Jones Indices announced that the property settlements company would be added to the ASX 200 index. PEXA will replace Pendal Group Ltd (ASX: PDL), which is merging with Perpetual Limited (ASX: PPT).

Gold price jumps

Gold miners Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) could have a solid start to the week after the gold price stormed higher on Friday. According to CNBC, the spot gold price was up 1.6% to US$1,869.7 an ounce during the session. The precious metal climbed to a six-month high thanks to signs that inflation is easing.

The post 5 things to watch on the ASX 200 on Monday appeared first on The Motley Fool Australia.

Also likely driving the market lower were announced changes to the Bank of Japan's monetary policy. The central bank has decided to modify the conduct of yield curve control.

Meanwhile, the RBA revealed it considered both hiking rates by 0.5% and keeping them flat amid continuous inflation at its last meeting of 2022. Of course, it ultimately declared a 0.25% hike earlier this month.

The S&P/ASX 200 Energy Index (ASX: XEJ) outperformed for much of today following a strong night's trade for oil prices. However, by the end of Tuesday's trade, it had dropped 1.4%.

Coming in as today's top-performing sector was instead the S&P/ASX 200 Utilities Index (ASX: XUJ), which dropped 0.1%. The worst performer, meanwhile, was the S&P/ASX 200 Information Technology Index (ASX: XIJ). It fell 4.4%.

So, with all that in mind, which ASX 200 shares come in as today's top performers? Keep reading to find out.

Top 10 ASX 200 shares countdown

The index's biggest gains today were posted by shares in Steadfast Group Ltd (ASX: SDF). That was despite no news having been released by the insurance broker.

Today's biggest gains were made by these shares:

Our top 10 shares countdown is a recurring end-of-day summary to let you know which companies were making big moves on the day. Check in at Fool.com.au after the weekday market closes to see which stocks make the countdown.

The post Here are the top 10 ASX 200 shares today appeared first on The Motley Fool Australia.

The star of today's trade was the S&P/ASX 200 Energy Index (ASX: XEJ). It gained 1.2% amid rising oil prices.

The black liquid's value rose by as much as 1% on Monday amid an ongoing leak at a key North American pipeline, Russia's response to a price cap on its oil exports, and China's relaxed COVID-19 restrictions, as Reuters reports.

On the other side of the coin, the S&P/ASX 200 Utilities Index (ASX: XUJ) tumbled 4.3%, weighed down by the Origin Energy Ltd (ASX: ORG) share price's 7.8% tumble.

Another major drag was the S&P/ASX 200 Materials Index (ASX: XMJ). It fell 1.5% on Monday.

All in all, only four of the ASX 200's 11 sectors closed in the green today. But which stock outperformed all others to take home today's crown? Keep reading to find out.

Top 10 ASX 200 shares countdown

The biggest gains on the ASX 200 today came from BrainChip Holdings Ltd (ASX: BRN).

The artificial intelligence and machine learning technology developer's share price gained 9.4% despite the company's silence.

Today's biggest gains were made by these shares:

Our top 10 shares countdown is a recurring end-of-day summary to let you know which companies were making big moves on the day. Check in at Fool.com.au after the weekday market closes to see which stocks make the countdown.

The post Here are the top 10 ASX 200 shares today appeared first on The Motley Fool Australia.

Will the market be able to build on this on Thursday? Here are five things to watch:

ASX 200 expected to rise

The Australian share market looks set to continue its winning streak on Thursday following a strong night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 13 points or 0.2% higher this morning. In late trade in the United States, the Dow Jones is up 0.7%, the S&P 500 is up 1.5%, and the NASDAQ has risen 2.5%. Wall Street rebounded strongly from a shaky start after the US Fed suggested that smaller rate hikes could start this month.

Oil prices storm higher

Energy producers including Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a good day after oil prices charged higher on Wednesday night. According to Bloomberg, the WTI crude oil price is up 3% to US$80.55 a barrel and the Brent crude oil price is up 2.8% to US$85.38 a barrel. Tighter supply conditions boosted prices.

BHP and Rio Tinto rise on Wall Street

Mining giant's BHP Group Ltd (ASX: BHP) and Rio Tinto Ltd (ASX: RIO) could have positive sessions on Thursday after rising on Wall Street overnight. In late trade in the United States, Australia's largest miners are up 2.7% and 1% on the NYSE.

Shares going ex-dividend

A couple of ASX 200 shares are due to go ex-dividend this morning and could trade lower on Thursday. Fund manager Pendal Group Ltd (ASX: PDL) is trading ex-dividend for its 3.5 cents per share dividend and enterprise software company TechnologyOne Ltd (ASX: TNE) is trading ex-dividend for its 10.8 cents per share dividend. Both dividends will be paid in approximately two weeks.

Gold price higher

Gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) will be on watch after the gold price edged higher overnight. According to CNBC, the spot gold price is up 0.6% to US$1,774.2 an ounce. Gold is set for a 7% monthly rise, which would be its best month in two years. The prospect of interest rates increasing at a slower rate gave the precious metal a major lift in November.

The post 5 things to watch on the ASX 200 on Thursday appeared first on The Motley Fool Australia.

As a result, some ASX 200 shares have released their full-year results this month. And in the process, they've also declared dividends.

With every dividend comes an ex-dividend date, which marks the day that a company's shares no longer trade with rights to the recently-declared dividend.

In other words, investors who purchase shares on or after the ex-dividend date won't be eligible for the upcoming payment. 

But since shares typically drop on the day they turn ex-dividend, investors may be able to pick up shares at a reduced price.

Without further ado, here are three ASX 200 shares going ex-dividend next week.

GrainCorp Ltd (ASX: GNC)

First up, GrainCorp handed in its full-year FY22 results last week and delighted shareholders by declaring a special dividend.

All up, the ASX 200 agribusiness announced a fully franked final dividend of 30 cents per share, which will be paid on 14 December.

GrainCorp shares will turn ex-dividend for this payment on Tuesday. So, to be eligible for this dividend, investors must be on GrainCorp's share register by the closing bell on Monday.

FY22 was a record year for GrainCorp as net profit after tax (NPAT) rocketed by 173% to $380 million.

Each of the company's business segments delivered an increase in activity and volumes. This was driven by more grain handled and exported, higher oilseed crush volumes, and stronger food sales.

The company noted that against a backdrop of operational challenges, global demand for Australian grains, oilseeds, and vegetable oils remained strong throughout the year.

This helped GrainCorp to dish up a three-fold increase in its annual dividends to 54 cents per share, fully franked. With GrainCorp shares last trading at $8.27, this spins up a trailing dividend yield of 6.5%.

Taking out the special dividend, this yield comes in at 4.6%, which grosses up to 6.6%, including franking credits. 

Aristocrat Leisure Limited (ASX: ALL)

The next cab off the rank is ASX 200 slot machine and casino game manufacturer Aristocrat, which also released its FY22 results last week.

Aristocrat shares will be going ex-dividend on Wednesday, trading without claims to the company's fully franked final dividend of 26 cents per share.

Aristocrat doesn't have a dividend reinvestment plan (DRP), so all eligible shareholders will receive this payment in cash on 16 December.

FY22 was another year of growth for Aristocrat. On the top line, revenue climbed 18% to $5.6 billion, while NPAT jumped 30% to $1.0 billion.

The company said this growth reflected sustained investment in top-performing product portfolios, differentiating capabilities, increased operational diversification, and business resilience.

Aristocrat's North American gaming operations and global outright sales division were standouts.

Across the financial year, Aristocrat returned $660 million to shareholders through dividends and an on-market share buyback.

The ASX 200 gaming company dialled up its annual dividends by 27% in FY22, declaring total dividends of 52 cents. This puts Aristocrat shares on a trailing dividend yield of 1.5%, which grosses up to 2.1%.

Pendal Group Ltd (ASX: PDL)

Rounding out this trio of ASX 200 shares going ex-dividend next week is investment management business Pendal.

As of Thursday, Pendal shares will be trading without rights to the company's fully franked final dividend of 3.5 cents per share. 

Like GrainCorp and Aristocrat, Pendal isn't running a DRP for this payment. So, shareholders will have no choice but to receive this dividend in cash on 15 December.

It's been a busy year for Pendal, with its proposed takeover by Perpetual Limited (ASX: PPT) currently awaiting shareholder approval.

Perpetual first lobbed a bid for Pendal in April this year and there's been plenty of back and forth between the two parties since. 

Just last week, the terms of the offer were revised again, changing the split between cash and scrip.

If the deal proceeds, Pendal shareholders will receive one Perpetual share for every 7 Pendal shares, plus $1.65 cash. However, this cash component will be reduced by 3.5 cents to account for Pendal's FY22 final dividend.

Based on Perpetual's last closing price, this currently values Pendal at around $5.28 per share. In comparison, Pendal shares last swapped hands on-market for $4.83.

Pendal shareholders are set to vote on the proposal next month on 23 December.

The post 3 ASX 200 shares trading ex-dividend next week appeared first on The Motley Fool Australia.

That was despite a poor performance from both the S&P/ASX 200 Materials Index (ASX: XMJ) and the S&P/ASX 200 Energy Index (ASX: XEJ). The former posted a 1.2% fall while the latter slipped 2% amid lower oil prices.

The Brent crude oil price fell 1.1% to US$92.86 a barrel overnight while the US Nymex crude oil price slipped 1.5% to US$85.59 a barrel.

Fortunately, the sectors' falls were offset by gains elsewhere.

The S&P/ASX 200 Consumer Staples Index (ASX: XSJ) led the way, gaining 1.9%. The S&P/ASX 200 Information Technology Index (ASX: XIJ) also posted a solid rise, lifting 1.2%.

All in all, nine of the ASX 200's 11 sectors ended in the green today. But which stock outperformed all others? Keep reading to find out.

Top 10 ASX 200 shares countdown

The top-performing stock on the iconic index today was Pendal Group Ltd (ASX: PDL). It soared 10.5% on news of its planned takeover by Perpetual Limited (ASX: PPT).

A court ruled that Perpetual could be liable for more than the $23 million 'break fee' if it were to walk away from the transaction.

Today's biggest gains were made by these shares:

Our top 10 shares countdown is a recurring end-of-day summary to let you know which companies were making big moves on the day. Check in at Fool.com.au after the weekday market closes to see which stocks make the countdown.

The post Here are the top 10 ASX 200 shares today appeared first on The Motley Fool Australia.

Four ASX shares that are climbing more than most today are listed below. Here's why they are rising:

Altium Limited (ASX: ALU)

The Altium share price is up 4% to $38.02. This follows the release of the electronic design software company's annual general meeting update. At the event, Altium reaffirmed its guidance for FY 2023. Management said: "We expect total revenue to be between $255 and $265 million USD, with both our PCB software business and cloud platform business growing nicely. And, we expect underlying EBITDA margin to be between 35 and 37% for the full year in FY23."

Pendal Group Ltd (ASX: PDL)

The Pendal share price is up 10% to $4.91. This follows news that the courts are pressuring Perpetual Limited (ASX: PPT) to complete its acquisition of the rival fund manager. Perpetual's shares have sunk on the news. This is because this action is likely to scupper its own potential takeover by a consortium comprising BPEA Private Equity Fund VIII and Regal Partners.

Terracom Ltd (ASX: TER)

The Terracom share price is up 8% to 90.5 cents. This morning this coal miner announced that its board has declared a fully franked dividend of 10 cents per fully paid ordinary share for the quarter ended 30 September. This comprises an ordinary dividend of 7.5 cents per share and a special dividend of 2.5 cents per share.

Webjet Limited (ASX: WEB)

The Webjet share price is up 11% to $6.24. Investors have been buying this online travel agent's shares following the release of a strong first half update. Webjet reported a 223% increase in TTV to $2,143 million and a 217% jump in revenue to $175.7 million. On the bottom line, the company delivered an underlying net profit after tax of $32 million, up from a loss of $29.2 million a year earlier.

The post Why Altium, Pendal, Terracom, and Webjet shares are pushing higher appeared first on The Motley Fool Australia.

Early this morning, the companies announced a change to the consideration mix on the table for the takeover target. Later, they revealed a court decision related to a hypothetical breach cost.

It comes after a consortium upped its bid for Perpetual to $33 per share last week. While the bid was ultimately rejected, it seems to have spurred concern about Perpetual's planned acquisition of Pendal.

The Perpetual share price is down 14% at the time of writing, trading at $27.16.

Let's take a closer look at the latest from the financial services firm.

What's going wrong for the Perpetual share price?

The market is bidding the Perpetual share price lower on Thursday on the back of a flurry of news regarding its takeover bid for S&P/ASX 200 Index (ASX: XJO) financials peer Pendal.

First, news broke the pair had agreed to revise the mix of cash and scrip initially put forward to acquire Pendal. The offer price on the table hasn't changed alongside the mix.

If the deal goes ahead, Pendal shareholders will now receive one Perpetual share for every seven Pendal shares they hold, as well as $1.65 cash per Pendal share.

Originally, Perpetual offered one share for every 7.5 Pendal shares and $1.976 cash per share.

Perpetual said the new terms "further strengthen the balance sheet and enhance the financial flexibility for the combined group".

Additionally, the companies announced a court decision regarding a 'break fee' today.

The Supreme Court of New South Wales declared a $23 million break fee — which Perpetual would be elegible to pay Pendal if it abandoned the takeover — would not be an exclusive remedy. Pendal said:

This means … Pendal [could] seek orders to enforce Perpetual's obligations to complete the scheme, including by way of injunctive relief or orders of specific performance.

That's likely a relief to Pendal shareholders but worrying to those invested in Perpetual stock. An improved acquisition proposal for the latter could impact its deal with the former.

The post Why did the Perpetual share price just plummet 14%? appeared first on The Motley Fool Australia.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:

Core Lithium Ltd (ASX: CXO)

The Core Lithium share price is down a further 4.5% to $1.42. This means the lithium miner's shares are down 24% since Monday's close. Investors have been hitting the sell button following a broker downgrade by Macquarie and concerns over demand for the battery making ingredient in China.

Creso Pharma Ltd (ASX: CPH)

The Creso Pharma share price has sunk 9% to 2.1 cents. Investors have been selling this cannabis company's shares after the company kicked out its chairman, James Ellingford, with immediate effect. While the company didn't comment on the reason for Ellingford's exit, it could be due to his deplorable behaviour on TikTok.

Nickel Industries Ltd (ASX: NIC)

The Nickel Industries share price is down 6% to 93.2 cents. This appears to have been driven by a sharp pullback in nickel prices overnight. According to CommSec, the nickel price recorded a 9.1% decline on Wednesday night. Prices were down as much as 12% in volatile and illiquid conditions. In response, the London Metal Exchange (LME) said it would be conducting enhanced monitoring of nickel trading.

Perpetual Limited (ASX: PPT)

The Perpetual share price is down 14% to $27.09. This follows news that the courts are enforcing its acquisition of rival fund manager Pendal Group Ltd (ASX: PDL). This is likely to scupper the potential takeover of Perpetual by a consortium comprising BPEA Private Equity Fund VIII and Regal Partners.

The post Why Core Lithium, Creso Pharma, Nickel Industries, and Perpetual shares are dropping appeared first on The Motley Fool Australia.

That was despite a strong performance from the S&P/ASX 200 Energy Index (ASX: XEJ), which jumped 1.2% amid higher oil prices.

The Brent crude oil price lifted 0.8% overnight to US$93.86 a barrel and the US Nymex crude oil price gained 1.2% to trade at US$86.92 a barrel.

The S&P/ASX 200 Materials Index (ASX: XMJ) also closed in the green, having risen 0.7%.

Today's biggest weighs included the S&P/ASX 200 Utilities Index (ASX: XUJ) – down 1.5% – and the S&P/ASX 200 Consumer Discretionary Index (ASX: XDJ) – down 1.3%.

The giant S&P/ASX 200 Financials Index (ASX: XFJ) – home to the nation's biggest banks – also struggled, closing 1% lower.

All in all, just three of the ASX 200's 11 sectors ended the day in the green. But which share dodged the market's suffering to post the index's biggest gain? Keep reading to find out.

Top 10 ASX 200 shares countdown

The top-performing ASX 200 share on Wednesday was crop protection and seed technology company Nufarm Ltd (ASX: NUF).

The company dropped its full-year results this morning, detailing a 24% surge in its earnings and a 65% jump in its profits. Its full-year dividend also came in 150% higher year-on-year.

Today's biggest gains were made by these shares:

Our top 10 shares countdown is a recurring end-of-day summary to let you know which companies were making big moves on the day. Check in at Fool.com.au after the weekday market closes to see which stocks make the countdown.

The post Here are the top 10 ASX 200 shares today appeared first on The Motley Fool Australia.

It followed a weak session on Wall Street overnight in which the Dow Jones Industrial Average Index (DJX: .DJI) fell 0.6%, the S&P 500 Index (SP: .INX) slumped 0.9%, and the Nasdaq Composite Index (NASDAQ: .IXIC) dropped 1.1%.

Today's worst-performing ASX 200 sector was the S&P/ASX 200 Materials Index (ASX: XMJ), recording a 1% fall. Its worst performers were, in turn, lithium shares. Many stocks involved with the battery-making material tumbled following their broadly brilliant day on Monday.

The S&P/ASX 200 Energy Index (ASX: XEJ) also had a challenging day, falling 0.9% amid lower oil prices. The Brent crude oil price fell 3% to US$93.14 a barrel overnight while the US Nymex crude oil price dropped 3.5% to trade at US$85.87 a barrel.

But it wasn't all dire on the market. The S&P/ASX 200 Information Technology Index (ASX: XIJ) posted a 1.7% gain while the S&P/ASX 200 Health Care Index (ASX: XHJ) lifted 1.4%.

All in all, seven of the ASX 200's sectors closed higher on Tuesday. But which share came out on top? Keep reading to find out.

Top 10 ASX 200 shares countdown

Today's top-performing ASX 200 stock was Imugene Limited (ASX: IMU). It posted a 7.7% gain.

Interestingly, the only word released by the biopharmaceutical company today was a non-price-sensitive investor presentation. However, it did drop news of its onCARlytics oncolytic virus yesterday.

Today's biggest gains were made by these shares:

Our top 10 shares countdown is a recurring end-of-day summary to let you know which companies were making big moves on the day. Check in at Fool.com.au after the weekday market closes to see which stocks make the countdown.

The post Here are the top 10 ASX 200 shares today appeared first on The Motley Fool Australia.

At the moment, the ASX 200 is down around 6% for the year. At one point it was down by approximately 15%, though it has recovered from the year low in June 2022.

But within the ASX 200, there has been some serious pain. The Xero Limited (ASX: XRO) share price is down 52%, the Domino's Pizza Enterprises Ltd (ASX: DMP) share price has dropped 50% and the Boral Limited (ASX: BLD) share price has declined 53%.

High level of bidding

There have been a number of bids for ASX 200 shares in recent times.

Energy business Origin Energy Ltd (ASX: ORG) has received a takeover bid of $9 per share from Brookfield and its affiliates. This comes after the Brookfield bid for AGL Energy Limited (ASX: AGL).

Perpetual Limited (ASX: PPT), one of the ASX's largest fund managers, launched a takeover bid for another fund manager called Pendal Group Ltd (ASX: PDL). However, the Perpetual share price drifted lower and Regal Partners Ltd (ASX: RPL) (with a consortium) has launched a bid to try to buy Perpetual. The latest Regal bid was $33 per share.

Don't forget also that Australia and New Zealand Banking Group Ltd (ASX: ANZ) is trying to buy the banking division of Suncorp Group Ltd (ASX: SUN).

Are ASX 200 shares opportunities?   

According to reporting by The Australian, the broker UBS has suggested that recent highly-priced takeover bids by private equity suggest that ASX shares "offer value" and that parts of the market are "cheap".

UBS pointed out that the bid for Origin was a 54.9% premium compared to the closing price on 9 November 2022 of $5.91.

Richard Schellback asked the question "How can one community of investors price the same company so differently to another?"

He answered:

Time horizon and funding may offer some explanation, but it also suggests that segments of the equity market are cheap.

Right now, the S&P/ASX 200 trades at a one-year forward price/earnings (P/E) ratio of 13.6 times, which represents an 8% discount to the 14.7 times it has averaged since 2000.

Stocks from the de-rated funds management and retailing sectors stand out as 'most attractive' on this quantitative LBO screen.

It was reported that ASX (200) shares that stand out on the leveraged buyout screen have "strong free cash flow yields and low gearing."

Foolish takeaway

While investors can't know what the next takeover offer is going to be, it might be reassuring to see whether a business has fallen too hard, then a buyer could swoop in on the perceived bargain (and boost the share price).

The post Could the flurry of recent takeover bids mean ASX 200 shares are going cheap right now? appeared first on The Motley Fool Australia.

There was jaw-dropping news of a major hacking incident, two dramatic takeovers, earnings from some of the biggest banks on the S&P/ASX 200 Index (ASX: XJO), and a significant block sale.

So, without further ado, let's take a look at some the craziest announcements to hit the ASX this week.

5 major ASX announcements making news this week

Medibank refuses to pay ransom, hackers publish stolen data

The Medibank Private Ltd (ASX: MPL) cyberattack hit headlines in a big way this week.

Cybercriminals who took off with the personal and sensitive information of nearly 10 million Medibank customers last month published a chunk of the stolen data on the dark web on Wednesday.

The now-public data includes names, birth dates, contact information, Medicare numbers, and in some cases, the healthcare-related information of hundreds of the insurer's current and former customers.

It followed Monday's news the company had refused to pay a ransom for the information. Medibank expects more data drops to follow.

Former AGL suitor pops $18.4 billion question to Origin

It looks to be takeover season on the ASX, and Origin Energy Ltd (ASX: ORG) is the latest target.

The company announced it would likely accept a $9 per share bid from Brookside Asset Management and MidOcean Energy on Thursday. That is, if the pair can turn their non-binding offer into a full-blown proposal.

Eagle-eyed market watchers might remember that Brookfield was previously chasing AGL Energy Limited (ASX: AGL). It posted an $8.25 per share bid in collaboration with Grok Ventures in March.

Perpetual's takeover triangle

More dramatic takeover news from Perpetual Limited (ASX: PPT) also made headlines this week.

The company announced it had rejected yet another takeover offer from a consortium made up of BPEA Private Equity Fund VIII and Regal Partners Ltd (ASX: RPL). This time, the consortium offered $33 per share.

While the bid was rejected, it threw a spanner in Perpetual's ongoing plan to acquire fund manager Pendal Group Ltd (ASX: PDL). The first court hearing for the pair's scheme of arrangement was expected to go ahead this week.

However, it's now been delayed at Perpetual's request in light of the consortium's takeover bids. That's despite Pendal initially assuring it would proceed as planned.

Two ASX 200 big four banks post earnings

It's also been a massive week of news fans of ASX 200 bank shares. We've had earnings announcements from both Westpac Banking Corp (ASX: WBC) and National Australia Bank Ltd (ASX: NAB).

Westpac posted a near-$5.7 billion full-year profit on Monday, while NAB's came in at around $6.9 billion on Wednesday.

The Westpac share price fell 4% on its earnings. That of NAB slipped 1% on its results.

Magellan co-founder sells more than $100 million worth of stock

Finally, investors might have been shocked to hear news Magellan Financial Group Ltd (ASX: MFG) co-founder Hamish Douglass had sold a 13 million-strong parcel of the company's stock in a block trade this week. The company announced the sale was made for "family diversification purposes".

Douglass sold the shares for $9.10 apiece – an approximate total of $118 million.

The post 5 of the craziest things making news on the ASX this week appeared first on The Motley Fool Australia.

Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:

Block Inc (ASX: SQ2)

The Block share price is down almost 7% to $89.49. This follows an even larger decline by the payments company's NYSE listed shares overnight on Wall Street. Block wasn't the only tech share under pressure. A number of tech stocks dropped deep into the red, leading to the tech-focused Nasdaq index sliding 2.5% last night.

Lake Resources N.L. (ASX: LKE)

The Lake Resources share price is down 3.5% to $1.07. This follows broad weakness in the lithium industry today. In addition, Lake Resources shares have come under pressure during the last couple of sessions after J Capital renewed its short attack on the lithium developer.

Pendal Group Ltd (ASX: PDL)

The Pendal share price is down over 11% to $3.89. Investors have been selling this fund manager's shares amid concerns that Perpetual Limited (ASX: PPT) could be looking to abandon its takeover of Pendal. Perpetual, which has received an improved takeover proposal today, has sought to delay a court hearing for the scheme of arrangement.

Xero Limited (ASX: XRO)

The Xero share price has sunk 10% to $65.09. Investors have been selling this cloud accounting platform provider's shares after its first half earnings fell short of estimates. In addition, the company announced the surprise exit of its CEO, Steve Vamos, after almost five years in the top job. In respect to its earnings, Xero reported EBITDA of NZ$108.6 million (or NZ$123.7 million excluding one-offs). This compares to the consensus estimate of NZ$143 million.

The post Why Block, Lake Resources, Pendal, and Xero shares are dropping today appeared first on The Motley Fool Australia.

In morning trade, the fund manager's shares are up 2.5% to $29.84.

Why is the Perpetual share price rising?

Investors have been buying Perpetual shares today after the company revealed that it has received an improved takeover approach.

According to the release, Perpetual received a further unsolicited conditional, non-binding indicative proposal to acquire all its shares on issue from the consortium comprising BPEA Private Equity Fund VIII and Regal Partners.

Under the revised indicative proposal, the consortium is offering $33.00 cash per share, a 10% increase from the original indicative proposal of $30.00 cash per share.

However, Perpetual's board has considered a number of factors, including value, high conditionality, transaction and execution risks. After taking all this into account, it has determined once again that the consortium's revised indicative proposal is not in the best interests of its shareholders and has therefore rejected the offer.

In fact, it believes the offer "continues to materially undervalue the company." So, it appears that a significantly improved offer will need to be tabled to get a deal over the line.

For now, Perpetual's board advises shareholders to take no action. It will keep shareholders informed in accordance with its continuous disclosure obligations.

Pendal deal still on

In other news, Pendal Group Ltd (ASX: PDL) has responded to speculation that the above approaches could impact Perpetual's proposed takeover.

Pendal isn't planning to let that happen and is pushing ahead with a scheme meeting this week despite Perpetual requesting a delay. It commented:

Pendal wishes to update its shareholders and the market that despite requests by Perpetual for a delay, it intends to proceed to the first court hearing for the Scheme this week and to seek orders convening the scheme meeting and for despatch of the Scheme Booklet to shareholders, with a scheme meeting to occur in mid-December 2022.

Pendal notes that while the Scheme Implementation Deed permits Perpetual to engage with another proposal, it does not permit Perpetual to terminate or otherwise abandon the Scheme in order to pursue a proposal. For clarity, the Deed does not preclude Perpetual responding to a proposal, but any resulting transaction can only be implemented in circumstances where the Scheme is accommodated. Any speculation to the contrary is inaccurate and contrary to a certain and well-functioning market for corporate control.

The post Perpetual share price leaps on boosted takeover bid appeared first on The Motley Fool Australia.

After spending most of today's trading session in the red, shares in the global investment company closed at $4.51.

The report comes a day after financial services company Perpetual Limited (ASX: PPT) reiterated that it would continue its plans to acquire Pendal. Perpetual made the announcement yesterday after itself rejecting a bid from a potential suitor to acquire 100% of its shares, saying the offer would have "materially" undervalued the company.

Let's cover the highlights of what Pendal reported today.

What did Pendal report?

• Fee revenue up 8% year over year (yoy) to $629.7 million
• Statutory net profit after tax (NPAT) down 32% yoy to $112.8 million
• Operating expenses up 7% yoy to $403.2 million
• Average funds under management (FUM) up 15% to $124.3 billion

The company announced a fully franked final dividend of 3.5 cents per share along with the results. The dividend has a payment date of 15 December and a record date of 2 December. Its expiry date is 1 December.

In the report, Pendal Group CEO Nick Good described FY22 as being against a "backdrop of significant challenges that are buffeting the asset management sector".

The company chalked up the losses in Pendal's NPAT to a decline in the global equity markets, which reversed its seed capital gains observed in the previous financial year.

Good cited geopolitical tensions and inflation concerns as having "[cut] asset values and funds inflows worldwide".

He also noted deteriorating investor sentiment in the second half of this year, prompting Pendal to implement strong cost management practices to guard against further losses.

What else did Pendal report?

The report notes that while its average FUM was 15% higher in FY22, total FUM declined 25 per cent to $104.5 billion. Fund net outflows of $14 billion and weaker markets were said to have contributed to this.

Pendal added that Perpetual's acquisition of its business was "on track," the company having entered into a scheme implementation deed with its suitor.

The deal will see Perpetual acquire 100% of Pendal's shares. The consideration offered is "one Perpetual share for every 7.5 Pendal shares plus $1.976 cash", which is to be adjusted downwards for any final FY22 dividend paid by Pendal.

A scheme booklet will be posted to shareholders later this month. Pendal shareholders will be given the chance to vote on the acquisition sometime in December.

The Pendal board has recommended its shareholders vote in favour of the scheme.

What did management say?

Good described this year as "tough for markets and global investor confidence alike" He added:

Against this backdrop, however, Pendal produced a solid 2022 financial result. We were able to achieve this by responding to changing market conditions and taking tight control of costs. Our acquisition of TSW has delivered in line with expectations both financially and through improved diversification.

In parallel, we have continued to invest in the growing distribution in Continental Europe, deepening our ESG/RI capabilities and streamlining our operating infrastructure. Over time we expect to see a return on these investments.

Good continued:

The proposed acquisition by Perpetual is expected to accelerate growth of the business and our shareholders can continue to benefit through the scrip component of the scheme consideration.

What's next?

Shareholders were told in Pendal's analyst presentation that it would focus on "managing costs and optimising short-term results while ensuring we remain ready to take advantage of a market upturn".

Some tactics of how Pendal plans to achieve this include maintaining its current book of clients and upgrading its digital marketing initiatives.

It also intends to expand its regional client base in Europe via its existing distribution presence.

Pendal share price snapshot

The Pendal share price is down around 19% year to date. That's underperforming the S&P/ASX 200 Index (ASX: XJO) by a wide margin, as it's only down 7.42% over the same period.

The company's market capitalisation is $1.73 billion based on the current share price.

The post How did Pendal shares fare today amid takeover talk and an earnings update? appeared first on The Motley Fool Australia.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:

A2 Milk Company Ltd (ASX: A2M)

The A2 Milk share price is down 1.5% to $5.40. This follows a lukewarm reaction to its US FDA approval from analysts at Credit Suisse. The broker has responded by retaining its neutral rating with a slightly higher price target of $5.30. The broker warned that the quality of A2 Milk's earnings in the US will be lower due to higher costs and lower pricing.

Bravura Solutions Ltd (ASX: BVS)

The Bravura share price is down a further 3.5% to 60.7 cents. This financial technology company's shares have been smashed this week after it announced the results of a strategic review. Following the review, management admitted that the Bravura will need to be "reconfigured." This will involve "enhancing the existing technology stack to unlock the existing microservices strategy, drive higher resale multiples on technology development and reduce single customer efforts."

Magellan Financial Group Ltd (ASX: MFG)

The Magellan share price has fallen 3% to $9.50. This has been driven by the release of another disappointing funds under management (FUM) update from the struggling fund manager. Magellan revealed further net outflows of $2.4 billion for the month. This comprised net retail outflows of $0.4 billion and net institutional outflows of $2 billion.

Pendal Group Ltd (ASX: PDL)

The Pendal share price is down 1.5% to $4.45. This follows the release of the fund manager's full year results this morning. Pendal reported a 17% increase in underlying profit after tax to $194.2 million but a 32% decline in statutory profit after tax to $112.8 million. The latter reflects significant seed investment gains in 2021 that reversed in the current year as global equity markets declined.

The post Why A2 Milk, Bravura, Magellan, and Pendal shares are dropping appeared first on The Motley Fool Australia.

Shares in the ASX financial services company currently trade for $29.30. Earlier today shares reached a high of $29.62 and a low of $27.95.

Let's cover today's announcement.

What happened?

Perpetual has turned down the offer from a consortium comprising BPEA Private Equity Fund VIII and Regal Partners Limited, describing the initial offer of $30 per share as "materially" undervaluing the company.

Instead, the company states it is committed to proceeding with its acquisition of Pendal Group Ltd (ASX: PDL). We first heard about this acquisition back in August.

The Fool reported that if the Pendal acquisition goes through, it will provide Perpetual with $200 billion in funds under management. Pendal shareholders on the other hand will receive 1 Perpetual share plus $1.976 in cash for each share held.

Perpetual CEO Rob Adams made the following comments about the Pendal deal back in August:

[The deal allows] us to realise our strategic ambitions significantly sooner than would otherwise occur individually, bringing forward years of growth potential.

The consortium's plans

The rejected consortium sought to buy 100% of Perpetual's fully paid ordinary shares. Regal saw an opportunity in its asset management business with the intention of "accelerating the growth and scale of its current investment and distribution platform".

If the deal went ahead, Regal would have taken over Perpetual's asset management businesses. While the BPEA EQT Fund would acquire Perpetual's corporate trust and private clients businesses.

Crucially, the consortium also noted that its offer was better than Perpetual's plan to acquire Pendal, describing it as delivering a "superior" outcome for Perpetual shareholders.

Perpetual share price snapshot

The Perpetual share price is down around 20% year to date. That's an underperformance of the S&P/ASX 200 Index (ASX: XJO), which is down only 8% over the same period.

The company's market capitalisation is around $1.54 billion.

The post Perpetual share price surges 9% on new takeover bid appeared first on The Motley Fool Australia.

Meanwhile, the S&P/ASX 200 Energy Index (ASX: XEJ) dumped 0.5% as oil prices slumped lower again.

The Brent crude oil price slipped 1.7% to US$90.03 a barrel overnight while the US Nymex crude oil price fell 3.1% to US$82.82 a barrel.  

On the greener side of the fence, however, the S&P/ASX 200 Utilities Index (ASX: XIJ) led the way, posting a 1% gain.

Consumer stocks also performed well, with the S&P/ASX 200 Consumer Discretionary Index (ASX: XDJ) and the S&P/ASX 200 Consumer Staples Index (ASX: XCJ) gaining 0.9% and 0.5% respectively.

Finally, it was a bright day for many of the market's favourite mining shares, with the S&P/ASX 200 Materials Index (ASX: XMJ) rising 0.3%.

All in all, nine of the ASX 200's 11 sectors closed higher on Wednesday. But which share outperformed all others? Keep reading to find out.

Top 10 ASX 200 shares countdown

Lithium shares reigned supreme on Wednesday, with the share price of Core Lithium Ltd (ASX: CXO) posting the biggest gain. It lifted 8% despite the company's silence.

Today's biggest gains were made by these shares:

Our top 10 shares countdown is a recurring end-of-day summary to let you know which companies were making big moves on the day. Check in at Fool.com.au after the weekday market closes to see which stocks make the countdown.

The post Here are the top 10 ASX 200 shares today appeared first on The Motley Fool Australia.