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Perpetual buys 75pc of Texan asset manager; blasts raising terms – The Australian Financial Review
Perpetual will more than triple its funds under management with the acquisition of a 75 per cent stake in US-based asset manager Barrow Hanley.
Terms for the equity raising were blasted to fund managers on Monday morning. Perpetual launched an offer to raise $225 million via a fully underwritten institutional placement and $40 million through a non-underwritten share purchase plan.
The offer was priced at $30.30, which represented a 9.8 per cent discount to Perpetual’s last close and a 9.3 per cent discount to the five-day VWAP.
Goldman Sachs and Bank of America were joint lead managers on the placement. Herbert Smith Freehills was pi…
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