and private equity shop BPEA EQT offered Adams a potential way out of his unpopular pursuit of Pendal. Perpetual’s stock, which had fallen 28% since he started the chase, jumped. But last week a court decided Adams’ outfit may well have to pay more than the contractually stipulated $23 million break fee were it to ditch Pendal; investors assumed this killed the chance of Perpetual switching deals, sending the stock back down. It fell a further 2% on Monday.
Whatever lies behind Paul Skamvougeras’ decision to quit as Perpetual’s Head of Equities, losing a key executive right on the eve of a merger is awkward. And shareholders remain unconvinced the Pendal deal is a certainty as its stock trades 11% below the offer price. There’s time yet for more drama. Follow @Breakingviews on TwitterTicketmaster shares spotlight with Taylor Swift