@Jimmy it would appear from purchases made by Mitsubishi UFJ Financial Group, Inc. in an entity controlled by Morgan Stanley over the past few weeks that they might agree with you on the arbitrage.

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02595544-2A1412403?access_token=83ff96335c2d45a094df02a206a39ff4

Cheers Rick....hope they're right. I've bought 2 x PDL parcels this morning and even though I'm now overweight PDL I'm weighing up whether to buy more with the share price down a further ~7.5%....hmmm

@Jimmy, The way Perpetual are talking now, the deal may not go through. However, this will most likely result in a $23 million break fee payable by Perpetual.

Currently analysts are forecasting Pendal FY23 earnings to be c. $85 million. If the deal doesn’t go through, the break fee of $23 million would add a 27% boost to FY23 earnings. That’s not be a bad outcome for Pendal if the deal falls over.

Extract from latest Perpetual Announcement:

“Perpetual Board determines that to fulfil its fiduciary or statutory duties to its shareholders, Perpetual should not proceed with the Pendal transaction or should pursue a major transaction which prevented the Pendal transaction from being implemented. In that case, Perpetual may have an obligation, subject to the terms and conditions of the Scheme Implementation Deed, to pay to Pendal up to $23 million.”

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02596554-2A1412901?access_token=83ff96335c2d45a094df02a206a39ff4