Perpetual confirms new proposal from KKR, denies figures in media report
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The news: Perpetual has knocked back net proceeds figures noted in media reports on private equity giant KKR’s latest takeover bid for the fund manager's wealth and corporate trust businesses.
The numbers: The Financial Review reported on Sunday that KKR had increased its all-cash proposal to $8 per share. The Australian also reported on Sunday that KKR had put forward an improved proposal.
KKR’s original deal would have seen cash proceeds for the transaction between $8.38 to $9.82 per share. However, this was whittled down to $5.74 to $6.52 per share following advice from the Australian Taxation Office over the tax treatment of the proposed sale of Perpetual’s corporate trust and wealth management arms.
The context: Perpetual today confirmed that it had received non-binding, conditional, indicative proposals from KKR since 10 December and 17 December 2024.
What they said: “The latest revised proposal and its quantum are not accurately described in the media,” Perpetual said.
“It contemplates outstanding commercial terms that would need to be agreed, and the net proceeds shareholders would receive under the revised proposal are uncertain at this stage.”
The sources: ASX announcement, AFR, The Australian
