If I understand correctly PDL's ASX release this morning they're saying PPT is pretty much locked in to the take-over of PDL.

I'm not clever enough to say how accurate their statement is however if we presume it is correct surely that makes PDL a screaming buy based on a:

Consideration

1 Perpetual share for every 7.5 Pendal shares.

A$1.976 cash per Pendal share.

Any Pendal FY22 dividend paid will be deducted from the cash consideration.

Under a mix and match mechanism, Pendal shareholders can elect to receive more cash or more scrip, subject to scale-back.

In essence you can currently buy 1000 x PDL shares for ~$4,190.00 and you will receive ~133 PTT shares (currently valued at ~$30.53ea) + $1,976.00 cash giving a total value of ~$6,037.00 or ~45% upside gain.