Pepper Money shares surge after Challenger-led $1.16 billion takeover approach
Pepper Money received a non-binding $2.60-a-share takeover offer led by Challenger, valuing the lender at A$1.16 billion. The board granted Challenger exclusivity for due diligence. Challenger said it would cap its stake at 25% and does not plan an equity raise. Pepper Money shares surged over 33% while Challenger fell as much as 7.5%.
