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MYOB GOES PRIVATE AGAIN Featured

MYOB newMYOB stock was removed from trading from the Australian Stock Exchange last week. The move came as the Federal Court of Australia approved the takeover of the software company by investment firm KKR. 

The deal leaves KKR in control of MYOB and Epicor Software—and readying the purchase of a third, Exact. MYOB reported after-tax profit of about $45 million on revenue of about $313 million for the year ended December 31. MYOB went public in 1999 and then was taken private in January 2009 by a consortium led by Archer Capital, which sold MYOB to Bain Capital in August 2011. Bain then took the company public again in May 2015. The latest effort was triggered after MYOB’s effort to buy the accounting group of another Australia-based company, Reckon, was aborted by MYOB in May 2018 after it failed to obtain regulatory approval in the time stipulated under the agreement between the two companies. MYOB was founded in the United States as Teleware but ceased operations outside of Australia and New Zealand in 2008. 

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