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.