MYOB shareholders to vote for KKR acquisition next month

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MYOB shareholders to vote for KKR acquisition next month

MYOB has announced its shareholders will meet on April 17th to vote on the proposed $2 billion sale to investment firm KKR next month.

The date for the meeting was named after the Federal Court gave the nod to the vote.

“The MYOB directors have considered the advantages and disadvantages of the scheme, and unanimously recommend that you vote in favour of the scheme in the absence of a superior proposal,” MYOB chairman Justin Milne told shareholders.

“While the MYOB board is confident that MYOB is well positioned to continue to deliver growth for shareholders into the future … the [acquisition by KKR] provides the opportunity for MYOB shareholders to realise a certain and immediate outcome that is fair and reasonable and in [their] best interests.

Earlier this month, major shareholder Manikay Partners LCC suggested that MYOB should walk away from the proposed acquisition, after increasing its stake in the company. MYOB dismissed the suggestion and addressed Manikay's concerns in an ASX announcement.

US investment firm KKR last year offered to buy all of the remaining MYOB shares it doesn't already own at $3.77 each, valuing the company at just under $2.2 billion.

The offer was later revised to $3.40 per share, or $2.01 billion, which MYOB initially rejected, but later relented after failing to find a better offer.

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