Thursday, 18 April 2019 08:54

MYOB shareholders back KKR $2B bid Featured

MYOB chairman Justin Milne MYOB chairman Justin Milne

MYOB shareholders have voted in sufficient numbers for the scheme of arrangement that would see US-based equity firm KKR take full ownership of the accounting software company.

KKR's offer was made in October 2018 and received board support in February when no superior offer was received.

The proposed scheme went to a shareholder vote yesterday.

A total of 82.59% of votes and 73.89% of shareholders supported the scheme, clearing both bars set by the Federal Court of Australia.

KKR originally offered $3.70 a share, increased it to $3.77 in order to gain access to MYOB's accounts, and then adjusted the offer to $3.40 after examining the data.

Manikay Partners, a substantial shareholder, had expressed concern that $3.40 was a significant undervaluation of MYOB, but reportedly voted in favour of the scheme in line with the intention it expressed earlier this month.

“The board today welcomes the decision by MYOB shareholders to support the board’s recommendation that the scheme of arrangement should proceed. While there are still several steps to take before the scheme is complete, today’s outcome demonstrates that shareholders agree with the board that the scheme is in their best interests," said MYOB chairman Justin Milne.

"MYOB is a great Australian company and the board has every confidence that it will continue to thrive under the care of its new owners."

The steps Milne referred to include obtaining Federal Court approval of the scheme.


Did you know: 1 in 10 mobile services in Australia use an MVNO, as more consumers are turning away from the big 3 providers?

The Australian mobile landscape is changing, and you can take advantage of it.

Any business can grow its brand (and revenue) by adding mobile services to their product range.

From telcos to supermarkets, see who’s found success and learn how they did it in the free report ‘Rise of the MVNOs’.

This free report shows you how to become a successful MVNO:

· Track recent MVNO market trends
· See who’s found success with mobile
· Find out the secret to how they did it
· Learn how to launch your own MVNO service


Stephen Withers

joomla visitors

Stephen Withers is one of Australia¹s most experienced IT journalists, having begun his career in the days of 8-bit 'microcomputers'. He covers the gamut from gadgets to enterprise systems. In previous lives he has been an academic, a systems programmer, an IT support manager, and an online services manager. Stephen holds an honours degree in Management Sciences and a PhD in Industrial and Business Studies.



Recent Comments