Wealth management company Perpetual Ltd (ASX:PPT) says it has received a takeover approach from US private equity firm Kohlberg Kravis Roberts.
The US firm is offering to acquire all of Perpetual's shares via a scheme of arrangement at an offer price of $38 to $40 a share.
The offer price is a substantial premium to Perpetual's last closing price of $30.97 last Friday.
Perpetual says the bid is indicative, incomplete, conditional and non-binding and as yet it has not formed a view on the offer and recommends shareholders take no action at this time.
Perpetual says it has retained Goldman Sachs as financial adviser and Freehills as legal adviser.
The company says it will make a further announcement at the earliest possible date.
Perpetual reported a $90.72 million profit for the 12 months to June 30, 2010.
PPT Price at posting:
$38.21 Sentiment: None Disclosure: Held
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