MYOB votes are in; shareholders hand keys to KKR
Almost four years to the day after re-listing on the ASX, and after an at-times remarkable takeover battle, the accounting software company is headed for a another stint in private equity hands.
It is understood early votes and proxies received ahead of Wednesday afternoon’s meeting are enough to ensure MYOB is headed into KKR’s private equity portfolio.
Manikay Partners, owner of a 16 per cent stake, has voted for the deal as flagged, along with former controller and now 6.1 per cent shareholder Bain Capital.
Add in a handful of the other institutional shareholders and KKR goes into the meeting knowing it already has the numbers. It’s understood to have well above 80 per cent of pre-cast votes, which will be enough to clear the 75 per cent hurdle.
It ends a dramatic and at times bizarre takeover that started when KKR arrived hot and heavy with a 19.9 per cent stake and $3.70 a share indicative bid in October. KKR had to bid against itself soon after to get due diligence, only to wind back its offer and still get board approval for the $2 billion-odd offer.
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