KKR purchased much of Bain’s interest, 17 percent of the total, for about $223.4 million and plans to offer $1.24 billion for the remaining 103,935,106 shares. The offer appears to be the latest fallout from the aborted deal for MYOB to buy the Accountant Practice Management operations of Reckon. MYOB called off the purchase on May 31 when the parties failed to receive regulatory approval in Australia and New Zealand within the time set in the original agreement. After the termination, Reckon replaced its chairman and CEO.
KKR MAKING MYOB BID Featured
Australian software company MYOB just went public again for the first half of June 2015. But it now faces a possible buyout by venture capital firm KKR. Venture firm Bain, which owns 19.9-percent of MYOB, purchased it for $1.3 billion in August 2011.
