In an ASX release this morning, MYOB announced that KKR has revised the offer price to $3.40 per share, down from its initial $3.77 per share offer in November.
The revision comes after KKR completed its due diligence and finalisation of debt funding commitments.
The revised proposal is subject to the finalisation of a scheme implementation agreement and expires at 5pm, Friday, 21 December 2018
MYOB’s board has informed KKR that it is not in a position to recommend the revised proposal, however, the board remains in discussions with KKR regarding its proposal.
In October, MYOB received a takeover bid from KKR after Bain Capital sold the bulk of its shares to the private equity firm, giving KKR a 19.9 per cent stake in the accounting software firm.
MYOB agreed to grant information to KKR at the beginning of November following KKR’s increased offer price to $3.77 per share.
More to come.
Jotham Lian is the editor of Accountants Daily, the leading source of breaking news, analysis and insight for Australian accounting professionals.
Before joining the team in 2017, Jotham wrote for a range of national mastheads including the Sydney Morning Herald, and Channel NewsAsia.