In an ASX release today, MYOB announced it will grant information to private equity firm KKR, subject to a confidentiality agreement on terms satisfactory to MYOB.
This would enable KKR to progress its proposal of acquiring the remaining shares in the company, resulting in a takeover.
Last month MYOB released a statement confirming that Bain Capital sold the bulk of its shares to KKR, with KKR now holding a 19.9 per cent stake in MYOB, and Bain Capital holding 6.1 per cent.
MYOB then received an unsolicited proposal from KKR to acquire the remaining shares in the company for a full takeover.
An independent board chaired by Justin Milne and including Anne Ward, Andrew Stevens and Fiona Pak-Poy was formed following receipt of the proposal. The IBC will continue to assess and evaluate developments in relation to the KKR proposal.
The MYOB board notes that there is no certainty that the proposal will result in an offer for MYOB.
MYOB said shareholders do not need to take any action in relation to the proposal at this stage and the board will update shareholders in due course and as appropriate. The board remains fully committed to acting in the best interests of all shareholders.
UBS is acting as financial adviser and Clayton Utz as legal adviser to MYOB.