04:19 AM EST, 02/24/2025 (MT Newswires) -- KKR's (KKR) bid to acquire segments of Perpetual has been rejected, the Australian asset management company said Monday.

Perpetual was considering an offer from KKR for its corporate-trust and wealth-management businesses but said it is now terminating the talks in accordance with the recommendations of an independent expert.

"Perpetual and KKR have engaged extensively including on revised non-binding indicative proposals received from KKR," the company said. "Despite constructive engagement, no alternative transaction has been agreed."

The company said KKR is demanding penalties for backing out of the deal, but Perpetual asserts that a break-up fee is not applicable.

Perpetual said it plans to instead separate three of its underlying businesses and pursue a sale of its wealth-management business.

KKR did not immediately reply to MT Newswires' request for comment.