Friday, 22 February 2019 13:02

MYOB board backs KKR scheme Featured

By

Accounting software provider MYOB has failed to come up with a better deal than that proposed by US-based equity firm KKR last year.

After exercising the "go shop" provisions in KKR's offer, the MYOB board has concluded there is no better deal available.

KKR's offer was to purchase the portion of MYOB that it doesn't already own for $3.70 a share.

KKR already owned almost one-fifth of the company, having purchased a large tranche from Bain Capital Abacus Holdings.

In an announcement to the ASX, MYOB said: "The go shop period has ensured a full and fair testing of the proposal and the Directors of MYOB reaffirm their unanimous recommendation that shareholders vote in favour of the transaction in the absence of a Superior Proposal and subject to an independent expert concluding the transaction is in the best interests of MYOB shareholders."

The directors stated, subject to those qualifications, they would all vote all of their MYOB shares, along with any that they control, in favour of the scheme.

A booklet explaining the scheme will likely be sent to shareholders in mid to late March, ahead of a meeting provisionally timed for mid to late April.


Subscribe to ITWIRE UPDATE Newsletter here

GRAND OPENING OF THE ITWIRE SHOP

The much awaited iTWire Shop is now open to our readers.

Visit the iTWire Shop, a leading destination for stylish accessories, gear & gadgets, lifestyle products and everyday portable office essentials, drones, zoom lenses for smartphones, software and online training.

PLUS Big Brands include: Apple, Lenovo, LG, Samsung, Sennheiser and many more.

Products available for any country.

We hope you enjoy and find value in the much anticipated iTWire Shop.

ENTER THE SHOP NOW!

INTRODUCING ITWIRE TV

iTWire TV offers a unique value to the Tech Sector by providing a range of video interviews, news, views and reviews, and also provides the opportunity for vendors to promote your company and your marketing messages.

We work with you to develop the message and conduct the interview or product review in a safe and collaborative way. Unlike other Tech YouTube channels, we create a story around your message and post that on the homepage of ITWire, linking to your message.

In addition, your interview post message can be displayed in up to 7 different post displays on our the iTWire.com site to drive traffic and readers to your video content and downloads. This can be a significant Lead Generation opportunity for your business.

We also provide 3 videos in one recording/sitting if you require so that you have a series of videos to promote to your customers. Your sales team can add your emails to sales collateral and to the footer of their sales and marketing emails.

See the latest in Tech News, Views, Interviews, Reviews, Product Promos and Events. Plus funny videos from our readers and customers.

SEE WHAT'S ON ITWIRE TV NOW!

BACK TO HOME PAGE
Stephen Withers

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.

Share News tips for the iTWire Journalists? Your tip will be anonymous

WEBINARS ONLINE & ON-DEMAND

GUEST ARTICLES

VENDOR NEWS

Guest Opinion

Guest Interviews

Guest Reviews

Guest Research

Guest Research & Case Studies

Channel News

Comments