KKR has agreed to sell shares into or vote in favor of any superior bid. The competing bid must be at least 5 percent higher than KKR’s. That said, the software company’s directors have unanimously recommended shareholders approve the bid. KKR and related entities own 19.9 percent of MYOB shares. Mid-December, MYOB rejected the bid after it was lowered from $3.77 Australian per share.
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MYOB AGREES TO KKR, EXCEPT Featured
After initially rejecting a takeover bid by KKR, Australia-based MYOB has accepted an offer of $3.40 (Australian) per share for the shares KKR does not already. There is one big exception to this—MYOB is free to solicit competing proposals until February 22.
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