(Reuters) – Perpetual Ltd Australia said on Monday that it had ended conversations with KKR for the sale of its wealth management units and corporate trust, while confirming plans to follow the sale of its separate wealth management business.
The deal was not judged with KKR, initially announced in May last year, in the best interests of shareholders by an independent expert.
“The Board has decided that the value and terms of those revised proposals, including the various conditions included, were not in the best interests of shareholders and negotiations have now ended,” the company said in a statement.
Perpetual, fund manager, added that he was “determined to follow the sale of the wealth management business”.
KKR did not immediately respond to Reuters' request for attention.
A deal and $ 2.2 billion ($ 1.40 billion) with the buy -out KKR company for the businesses had been on the back burner over the past two months after perpetual received a much higher than expected tax bill.
(Reported by Roshan Thomas in Bengaluru, edited by Deepa Babington and Sonali Paul)