Pepper Money Rejects Challenger $706 Million Takeover Bid

Pepper Money rejected a $706 million takeover bid from Challenger today. The board stated the proposal was not reasonably capable of being executed as offered.

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The board committee of Pepper Money has rejected a takeover proposal from investment manager Challenger, which valued the company at A$1.01 billion ($706.09 million). The Australia-based non-bank lender stated on Wednesday that the bid did not meet the necessary criteria to proceed toward a finalized agreement.

In its assessment, the committee found that the unsolicited offer lacked the necessary framework for a successful transaction.

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