SYDNEY, Aug 10 (Reuters) - Australian non-bank lender Pepper Group agreed on Thursday to a A$657 million ($518 million) takeover from U.S. private equity giant KKR.
Pepper said it entered a scheme implementation deed with KKR-controlled bidders, and the board unanimously recommended shareholders accept the deal.
The scheme allows shareholders to choose either A$3.60 a share cash payment, a 3.7 percent premium to Wednesday's closing price of A$3.47, or shares in the bidding vehicle.
KKR could not be immediately reached for comment. ($1 = 1.2681 Australian dollars) (Reporting by Tom Westbrook; Editing by Stephen Coates)