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MYOB’s directors have reaffirmed their recommendation for shareholders to vote in favour of a takeover from private equity giant KKR, after no superior proposals emerged during the ‘go shop’ period.
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MYOB set to proceed with takeover bid
22 February 2019
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The directors of MYOB have reaffirmed their unanimous recommendation that shareholders vote in favour of the transaction in the absence of a superior proposal.
The market update comes after the conclusion of the 60 day ‘go shop’ period, in which MYOB were free to solicit competing proposals, after it signed the scheme implementation agreement with KKR late last year.
The scheme comes at the revised $3.40 per share in cash for MYOB shares that KKR does not already own, down from the initial $3.77 per share offer in November 2018.
The accounting software provider will issue a scheme booklet to shareholders in mid-to-late March, and shareholders will be given the opportunity to vote on the scheme at a meeting that is expected to be held in mid to late April 2019.
The ASX-listed business released its full year results yesterday, with online subscriptions rising by 57 per cent, and revenue increase to $445.2 million for the 12 months ending 31 December 2018.
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