Perpetual Board guards control of KKR messaging | Australian Markets
The Perpetual Restricted board has signalled it isn’t going to permit the media to drive the tempo at which it seeks to hammer out a new deal with personal equity participant KKR for the sale of its Wealth Administration and Company Belief companies.
Perpetual went to the difficulty of issuing a formal assertion to the Australian Securities Trade (ASX) to the impact that a newspaper report that KKR had made “an enhanced all-cash proposal in excess of $8 a share” is off the mark.
It mentioned the report didn’t precisely describe the latest revised proposal from KKR.
The Perpetual announcement mentioned that the firm had continued to have interaction with KKR and had obtained non-binding, conditional, indicative proposals from the PE company.
“The latest Revised Proposal and its quantum are not accurately described in the media,” it mentioned. “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 Perpetual Board is assessing the Revised Proposal and associated terms and will update shareholders on its engagement with KKR as soon as possible.”
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