Powered by MOMENTUM MEDIA
Subscribe to our newsletter SIGN UP
MYOB shareholders green-light takeover bid

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

MYOB shareholders green-light takeover bid

MYOB shareholders have voted in favour of the takeover bid from private equity giant KKR after a protracted negotiation period.

Technology Jotham Lian 17 April 2019
— 1 minute read

At MYOB’s scheme meeting in Sydney today, 73.89 per cent of shareholders who voted, representing 82.59 per cent of votes cast, were in favour of the resolution.

Advertisement
Advertisement

The scheme remains subject to court approval at a hearing which has been set for 24 April 2019, but has cleared a major hurdle in getting its shareholders on board with the takeover.

Shareholder Manikay Partners, who in the build-up had acquired up to 16.6 per cent of shares, stuck with its voting intention for the deal, despite airing its displeasure at the final $3.40 per share offer by KKR.

Manikay had felt that KKR’s revised bid of $3.40 per share “significantly undervalued” MYOB, with its valuation of the accounting software firm to be “in excess of $4.00 per share”.

KKR’s original offer was $3.77 per share, before it revised it down to $3.40 after completing its due diligence, with MYOB given 60 days to source for a superior proposal.

If the scheme is approved by the court, MYOB shareholders will be entitled to receive $3.40 cash for each share held on the scheme record date, 2 May 2019.

The implementation date of the scheme has been set for 8 May 2019.

“The board today welcomes the decision by MYOB shareholders to support the board’s recommendation that the Scheme of Arrangement should proceed,” MYOB chair Justin Milne said.

“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.

“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.”

More to come.

This email address is being protected from spambots. You need JavaScript enabled to view it.

MYOB shareholders green-light takeover bid
image intro
accountantsdaily logo
Technology
FROM THE WEB