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MYOB Receives Buyout Offer From KKR

MYOB Group Limited (MYO.AX) said that Bain Capital Abacus Holdings,L.P. has sold 103.95 million shares, representing approximately 17.6% of the issued share capital of the Company to an affiliate of KKR & Co. L.P., at a price of A$3.15 per share. Together with existing interests in the Company, KKR has an aggregate economic interest in MYOB of 19.9%.

In addition, MYOB has received an unsolicited proposal from KKR to acquire all of the remaining shares that KKR does not already own in MYOB by way of a scheme of arrangement. The Proposal is stated to be a preliminary, non-binding indication of interest. The price of A$3.70 cash per share represents a premium of 24% to the closing share price of A$2.98 per share on 5 October 2018.

Post the sell down, Bain Capital has a remaining holding of 35.98 million ordinary shares in the capital of the Company, representing approximately 6.1% of the issued share capital of the Company.

MYOB said its Board has commenced an assessment of the Proposal and will keep the market informed. MYOB shareholders do not need to take any action in relation to the Proposal at this stage. There is no certainty that the Proposal will result in a transaction.

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