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MYOB TALKING TO KKR Featured

myobMYOB Group has agreed to grant information access to KKR, which has proposed a takeover of the Australia-based software company. Meanwhile, MYOB noted that KKR has raised its cash bid to A$3.77 per share from A $3.70 per share.

A committee of four independent MYOB board members has been formed to assess KKR’s proposal. The access of information while enable KKR to develop its proposal. Last month, KKR purchased 103,951,106 shares, from current owner Bain Capital for A$3.15 per share, about U.S. $223.4 million with the bid for the rest totaling about $1.2 billion. KKR’s bid follows MYOB”s dropping its effort to buy Accountant Practice Management operations of Reckon, another Australian Software company, after the parties failed to get required regulatory approvals within the six months period set for completing the deal.

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