Perpetual, an Australia-based finance company, has received a new proposal for its wealth management and corporate trust businesses from an affiliate of Kohlberg Kravis Roberts & Co. (KKR). The estimated cash proceeds from the A$2.2bn ($1.40bn) deal have been impacted by an unexpected tax bill, potentially reducing share prices from the initial range.
An independent expert’s report raised concerns about the deal not being in the best interests of shareholders. Since the initial announcement, Perpetual has been in discussions with KKR, receiving non-binding, conditional proposals known as “Revised Proposals”. The specifics of the latest revised proposal, including financial terms, are still under negotiation, with the net proceeds for shareholders yet to be determined.
The Perpetual Board is currently evaluating the revised proposal and its terms. Shareholders have been advised not to take any action at this time. Perpetual is a global finance company offering asset management, wealth management, and trustee services. It operates globally with brands like Perpetual, Pendal, and Barrow Hanley, serving high-net-worth individuals, nonprofits, and private firms through Perpetual Private and other entities.
The corporate trust arm of Perpetual supports funds and debt markets, with a digital expansion through Laminar Capital. The company is headquartered in Sydney and has offices in Asia, Europe, the UK, and the US. Updates on the engagement with KKR will be provided to shareholders in due course.
The original article “Perpetual secures revised offer from KKR for wealth and corporate trust units” was published by Private Banker International. It is essential to note that the information provided is for general informational purposes only. Professional advice should be sought before making any decisions based on the content.
