Perpetual gets bid from KKR

October 17th, 2010 | by Velma Orr |

Funds manager Perpetual says it has received a non-binding proposal from US-based private equity firm Kohlberg Kravis Roberts that values the company at around $1.75 billion.

Perpetual said that KKR had offered $38 – $40 per share for all the shares in the company.

Perpetual said the offer was “indicative, incomplete, conditional, and non-binding”, by way of a scheme of arrangement.

“The Perpetual Board has formed a Board sub-committee to consider the indicative proposal,” Perpetual said in a statement.

“The sub-committee is led by Peter Scott, Perpetual’s Chairman-elect.

“The Perpetual Board has not formed a view with respect to the indicative proposal and recommends that shareholders take no action at this time in relation to their Perpetual shares.”

Perpetual said it had retained Goldman Sachs as financial adviser and Freehills as legal adviser on the potential deal.

The company said it would make a further announcement at the earliest possible date.

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