Listed financial services firm Perpetual has rejected global alternative asset manager Kohlberg Kravis Roberts & Co's takeover proposal.
Perpetual said in a statement this morning that KKR's proposed takeover price of $38-$40 does not reflect the company's value.
"Nevertheless, the board believes that shareholders' interests are best served by conducting exploratory discussions with KKR in order to assess better the indicative proposal which at this point remains incomplete," Perpetual said.
"These discussions should allow the board to establish if an offer that would deliver acceptable value to Perpetual's shareholders is likely to be formulated.
"The board is very conscious of Perpetual's obligations in respect of its trustee and fiduciary clients and will also be focused on understanding KKR's intentions as a prospective owner and operator of the business in this regard."
As part of the exploratory discussions, Perpetual said it is prepared to provide KKR with limited financial information, subject to appropriate confidentiality arrangements being put in place.
