Pendal (ASX:PDL) has announced that the Supreme Court of New South Wales has approved the proposed acquisition of Pendal by Perpetual (ASX:PPT) through a Scheme of Arrangement.
The transaction is expected to become legally effective on 12 January 2023, when Pendal shares will be suspended from trading.
Under the terms of the Scheme, shareholders will receive $1.65 cash per Pendal share, less the Permitted Dividend Amount of 3.5 cents per share, and one Perpetual share for every seven Pendal shares.
The implementation of the Scheme is expected to occur on 23 January 2023.