Challenger abandons Pepper Money bid for share buyback

Challenger (ASX:CGF) has ceased its pursuit of Pepper Money (ASX:PPM) after its revised confidential proposal was rejected.

The independent board committee of Pepper Money determined that the non-binding and conditional offer, made jointly with Pepper Group ANZ, was "not reasonably capable of execution."

While Challenger CEO Nick Hamilton expressed appreciation for the engagement between the two firms and noted that their existing commercial relationship would continue, the focus for Challenger now shifts toward capital management.

The company confirmed it has secured all necessary regulatory approvals to proceed with its previously announced $150 million on-market share buy-back of ordinary shares.