MYOB agree to scheme of arrangement KKR

Company News

by Rachael Jones

MYOB Group (ASX:MYO) has agreed to a recommended scheme of arrangement with Kohlberg Kravis Roberts & Co. at $3.40 cash per share.

MYOB has also agreed to 'go shop' provisions with KKR.

Directors unanimously recommend shareholders vote in favour of the Scheme, in the absence of a Superior Proposal and subject to an independent expert concluding the transaction is in the best interests of shareholders.

The Company expects FY18 earnings to reflect revenue growth of approximately 7 per cent, R&D spend of approximately 19 per cent of revenue, an underlying EBITDA margin between 42 per cent and 43 per cent and free cash flow above $100 million.

Shares in MYOB Group (ASX:MYO) closed 1.03 per cent lower at $2.87 on Friday.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.