Perpetual rejects KKR bidJonathan ShapiroShare postPerpetual has confirmed that a deal with private equity fund KKR to acquire its corporate trust and wealth deal has been terminated.The ASX-listed financial group confirmed a Street Talk report that the board withdrew its recommendation to support the scheme which has been terminated with “no break fee payable”.“KKR has asserted that a break fee is payable and has reserved its rights to seek further damages.”Perpetual had agreed to sell its wealth and corporate trust units to KKR for $2.2 billion but a tax bill of about $500 million forced the company to reconsider the transaction.The board considered a revised offer, but that was rejected.Perpetual said it would pursue the sale of its wealth management unit as a means to reduce its debt over the short to medium term.
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