(Reuters) – Pendal Group Ltd said on Tuesday the A$2.40 billion ($1.78 billion) non-binding takeover offer from asset manager Perpetual Ltd “significantly undervalued” the Australian investment manager.
Pendal added that the offer was not in the best interests of its shareholders.
($1 = 1.3477 Australian dollars)
(Reporting by Harish Sridharan and Savyata Mishra in Bengaluru; Editing by Maju Samuel)
