PEP offered to pay between A$5.10 and A$5.25. The company’s stock price jumped to A$5.12 following the news.
PAI recently confirmed that it had terminated the contract of CEO Stephen Porges, naming Andrew Dutton as executive chairman.
Dutton said the decision was reached after it had become clear that there were “fundamental differences of opinion” between Porges and the board. These differences primarily concerned both the detail and the pace of implementation of the company’s strategic business improvement objectives, he added.
PEP recently agreed the sale of Peters Food, one of Australia’s oldest consumer businesses, to R&R Ice Cream, backed by fellow private equity firm PAI Partners.
The firm is set to raise A$954m through an IPO of cleaning and catering company Spotless Group in the biggest IPO in the country in nearly four years.
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