Powered by MOMENTUM MEDIA
the adviser logo
Lender

Pepper Group in takeover talks

by Reporter4 minute read
Pepper Group, deal

Pepper Group Limited has confirmed that it has received an indicative non-binding proposal from KKR Credit Advisors (US) LLC (KCA) in relation to entering into an exclusivity agreement.

According to Pepper's group general counsel and company secretary John Williams, the group has received a non-binding proposal from the American investment management firm "on behalf of itself, certain of its affiliates and/or certain funds, clients or accounts managed or advised by KCA, or its affiliates" in relation to a potential control transaction.

To continue reading the rest of this article, create a free account
Already have an account? Sign in

The transaction could see shareholders receive $3.60 per share and with permission for the directors to declare and pay a fully-franked dividend of up to $0.03 per share.

Pepper has said that it has granted exclusivity to KCA to enable it to undertake due diligence and potentially to negotiate definite transaction documents in respect to the proposal.

Advertisement
Advertisement

However, it emphasised that talks were ongoing and that an agreement was yet to be reached.

In the announcement, Mr Williams said: "The negotiations are incomplete and any entry by the parties into binding transaction documents remains subject to a number of conditions, including (without limitation) the completion of due diligence of KCA and agreement of terms by the parties.

"There is no certainty that an agreement will be reached or that the proposal will be implemented."

He added that Pepper has established an independent board committee to consider the proposal and any potential agreements with KCA.

Pepper has not released any further comment but has said it will "keep the market informed" in due course, in accordance with its continuous disclosure obligations.

 

Pepper Group in takeover talks
newhandshake
TheAdviser logo
newhandshake

JOIN THE DISCUSSION

You need to be a member to post comments. Register for free today

MORE FROM THE ADVISER

sam jolley elders ta iwsfut

Elders welcomes 1st national growth and asset finance manager

Elders Home and Commercial Finance, the independent broking arm aligned with the real estate network of Elders Ltd,...

READ MORE
rael ross butn ta rerexr

Butn achieves record originations in July

Cash flow financier Butn has released a trading update, revealing that its 2023 financial year commenced with a new...

READ MORE
daniel tuttlebee resimac asset fInance ta l27zun

Resimac takes controlling stake in Sonder

Resimac Asset Finance has expanded its acquisition stake in equipment finance business Sonder Equipment Finance...

READ MORE
magazine
Read the latest issue of The Adviser magazine!
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
Read more