Australia’s Perpetual confirms fresh bid from KKR

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Australia’s Perpetual confirms fresh bid from KKR

(Reuters) -Australia’s Perpetual Ltd on Monday confirmed it received an indicative buyout offer from KKR & Co but said the latest revised proposal and its value were not accurately described in recent media reports.

A A$2.2 billion ($1.40 billion) deal with the buyout giant has been on the back burner over the past two months after Perpetual received a much higher-than-expected tax bill, along with higher liabilities and lower shareholder returns.

Media reports over the weekend stated KKR had returned with an enhanced all-cash proposal exceeding A$8 per share for the *********** asset manager’s corporate and wealth units.

However, Perpetual said in a statement that the “latest revised proposal and its quantum are not accurately described in the media.”

Perpetual said that the revised proposal includes key commercial terms that need to be finalised and added “the net proceeds shareholders would receive under the Revised Proposal are uncertain at this stage”.

The ***** of the businesses, along with the century-old Perpetual brand, would reshape the company into a standalone fund management firm as it navigates a strategic turnaround.

($1 = 1.5751 *********** dollars)

(Reporting by Sameer Manekar and Roshan Thomas in BengaluruEditing by Marguerita Choy and Sam Holmes)

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