Perpetual (ASX:PPT) and Pendal Group (ASX:PDL) have announced the Scheme of Arrangement is now legally effective, following approval by the Supreme Court of NSW approving the proposed acquisition of Pendal by Perpetual.
Implementation of the Scheme will occur on January 16, comprising of $1.65 cash per Pendal share held, less the Permitted Dividend Amount of 3.5 cents per share which was paid to Pendal shareholders last month, and one Perpetual share for every seven Pendal shares.
Pendal says quotation of its shares on the ASX will be suspended from the close of trading today.
Pendal's share price is currently up around 2%.