Perpetual shares up on KKR talks
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More news: Perpetual shares rose on the ASX after the investment manager disclosed that it had entered exclusive talks with private equity firm KKR over the potential acquisition of Perpetual's corporate trust and wealth management businesses.
Shares in Perpetual were up 3.4% to $1.16 by 1:10pm AEST.
Perpetual in talks with KKR over potential acquisition
The news: Investment manager Perpetual has entered into exclusive talks with private equity firm Kohlberg Kravis Roberts & Co (KKR), over the potential acquisition of Perpetual's corporate trust and wealth management businesses.
The context: Perpetual said that there is "no certainty" of reaching a binding agreement with the US investment firm, or that any transaction would proceed. It noted that any transaction would be subject to conditions including regulatory approvals.
Exclusivity will expire on 7 May and Perpetual will provide a detailed update by 8 May along with its strategic review.
Perpetual paused trading earlier on Monday, with shares last trading at $23.30. Its share price has fallen 6.43% over the last 12 months.
The source: ASX announcement
