MYOB takeover bid backed by independent expert

Company News

by Rachael Jones

Business services software company MYOB (ASX:MYO) is to allow shareholders the chance to vote on Kohlberg Kravis Roberts $2 billion takeover offer next month.

The Independent Expert, Grant Samuel & Associates concluded that the scheme of arrangement is fair and reasonable and in the best interests of MYOB Shareholders, in the absence of a superior proposal.

They assessed the full underlying value of MYOB at between $3.19 and $3.69 per MYOB share.

The KKR offer to acquire MYOB for $3.40 per share all cash consideration is within this range.

The Scheme Meeting will take place at 3:00pm Australian Eastern Standard Time on 17 April 2019.

Shares in MYOB (ASX:MYO) are trading flat at $3.36.

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.