Tuesday morning brought the early Christmas gift no one (except maybe the taxpayer) wanted – not Perpetual, its shareholders, its staff, nor its private equity suitor KKR.
Ahead of the open, the 138-year-old investment house stunned the market, revealing its $170 million-odd tax estimated bill stemming from its breakup and sale to KKR had ballooned to between $493 million and $529 million. This means the estimated cash proceeds to shareholders from the transaction would fall to $5.74 to $6.42 per share from $8.38 to $9.82 per share.
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