© Reuters. FILE PHOTO: Australian {dollars} are seen in an illustration picture February 8, 2018. REUTERS/Daniel Munoz
(Reuters) -Perpetual Ltd’s high investor, Australian diversified funding agency Washington H. Soul Pattinson and Firm (WHSP), has elevated its stake within the firm to 11.66%, in response to an alternate submitting made on Tuesday.
This comes after the fund supervisor rejected WHSP’s A$3.1 billion ($2.04 billion) takeover supply final week, saying the proposal undervalued its enterprise.
WHSP beforehand held an almost 10% stake in Perpetual as of Dec. 6, the day the takeover supply was made.
The proposal got here at a time of consolidation within the Australian wealth administration market. Perpetual purchased rival Pendal for A$2.5 billion earlier this yr and Regal Funding Fund picked up PM Capital final month.
($1 = 1.5165 Australian {dollars})
