MYOB shareholders approve AU$2.2bn KKR takeover

Australian multinational business management solutions firm Mind Your Own Business (MYOB) has announced that its shareholders have approved a proposed AU$2.2bn takeover by global private equity firm KKR.

An overwhelming 82.59% of shareholders voted in favour of the deal which will see them each receive $3.40 per share.

“The Board today welcomes the decision by MYOB shareholders to support the Board’s recommendation that the Scheme of Arrangement should proceed,” said MYOB Chairman, Justin Milne, in the company’s statement.

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“While there are still several steps to take before the Scheme is complete, today’s outcome demonstrates that shareholders agree with the Board that the Scheme is in their best interests. MYOB is a great Australian company and the Board has every confidence that it will continue to thrive under the care of its new owners."

The deal remains subject to a court approval, with a hearing on the matter due to take place on 2 April 2019.

Business News Australia added that, should the transaction receive court approval, the deal will go through on 8 May 2019.