i would wait for the full scheme document to be provided which...

i would wait for the full scheme document to be provided which will have a more comprehensive explanation of the various options. In simple terms from how i see it, you either take the cash or clip on to the coat tails of management and hope they can deliver more value with KKR providing some funding capacity. Like any private equity firm, KKR will be looking to grow the business and then on-sell or IPO further down the track. The fact that Management are rolling into the bidco says a lot in my mind in terms of where they see the future value. Timing is great for Pepper in many parts of the world in terms of taking market share from large incumbent banks. One of the main risks to their business has always been access to funding. KKR solves this to a significant extent i would think. DYOR