Perpetual Board guards control of KKR messaging

The Perpetual Limited board has signalled it is not going to allow the media to drive the pace at which it seeks to hammer out a new deal with private equity player KKR for the sale of its Wealth Management and Corporate Trust businesses.

Perpetual went to the trouble of issuing a formal statement to the Australian Securities Exchange (ASX) to the effect that a newspaper report that KKR had made “an enhanced all-cash proposal in excess of $8 a share” is off the mark.

It said the report did not accurately describe the latest revised proposal from KKR.

The Perpetual announcement said that the firm had continued to engage with KKR and had received non-binding, conditional, indicative proposals from the PE company.

“The latest Revised Proposal and its quantum are not accurately described in the media,” it said. “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.”