Dec 24 (Reuters) - MYOB Group Ltd said on Monday it would recommend U.S. private equity group KKR & Co’s buyout of the Australian accounting software maker.
Last week, KKR cut its A$1.8 billion buyout proposal for the Australian company. This came just seven weeks after KKR upped its indicative bid to access MYOB’s financial records.
Under a scheme of arrangement, MYOB has agreed to “go shop” provisions with KKR, which allows MYOB to seek alternate superior proposals until Feb. 22, 2019. (Reporting by Nikhil Kurian Nainan in Bengaluru. Editing by Jane Merriman)