Ann: Vocus announces granting of non-exclusive due diligence, page-22

Home loan provider Pepper Group has received a $660 million takeover bid from private equity firm KKR.

Amid rumours of a deal in recent months, Pepper this morning confirmed an indicative non-binding proposal of $3.60 a share, with permission for directors to also declare a dividend of 3c a share.

Rumours of the deal appear to have already influenced trading this week. Pepper's shares were up 9 per cent on Tuesday and closed at $3.75, higher than KKR's offer.

Pepper said it had given KKR permission to conduct due diligenceand potentially come up with a binding offer.

Pepper is non-bank lender that specialises in "non-conforming" home loans, such as to self-employed customers who can find it harder to get credit from a bank.

It floated in 2015 with an initial offer price of $2.60 a share. Shares are not yet trading due to a takeover adjustment.

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