Lawyers for Pendal and Perpetual have gathered in the Supreme Court in Sydney on Wednesday seeking a ruling as to whether Perpetual could walk away from its merger, if it did indeed receive a sufficiently attractive bid.
Pendal’s lawyers have argued that under the scheme implementation deed, the fiduciary obligations of Perpetual’s board only extend to being able to engage with third parties. That did not extend to Perpetual being allowed to pursue another transaction by simply paying the $23 million break fee. “It may be that a third party wishes to acquire the corporate trust business and propose it sell the business - and merge its funds management businesses,” the Pendal lawyer said, outlining a range of hypothetical situations.
Still well below inflation
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