(Reuters) – Australia’s Perpetual Ltd confirmed on Monday that it received an indicative offer from KKR&Co, but said the latest revised proposal and its value were not accurately described in recent media reports.
Verpetual has received more than expected tax bills over the past two months, along with higher debt and lower shareholder returns, with the AA deal with the acquisition giant’s $2.2 billion ($140 billion) with the acquisition giant has been on the back-up burning in the tool.
Weekend media reports said KKR returned an enhanced all-cash proposal, exceeding the Australian asset managers and wealth units of $8 per share.
However, Permanent said in a statement that “the latest revised proposal and its quantum are not accurately described in the media.”
Verpetual said the revised proposal included key business terms that need to be completed and added that “the net income shareholders will receive in the revised proposal is uncertain at this stage.”
The company’s sales and a century-old permanent brand will reshape the company into an independent fund management company when driving strategic turnover.
($1 = AUD 1.5751)
(Report from Sameer Manekar and Roshan Thomas in Bangladesh, reported by Marguerita Choy and Sam Holmes)
