KKR Offers to Buy Australia's MYOB in $1.6 Billion Deal

(Bloomberg) -- KKR & Co. offered to buy MYOB Group Ltd. in a deal valuing the Australian business-management software company at A$2.2 billion ($1.6 billion). MYOB shares soared.

The U.S. buyout firm offered A$3.70 a share in cash for the rest of MYOB, 24 percent more than Friday’s closing price, the Australian company said in a statement on Monday. KKR had earlier bought about 18 percent of MYOB from Bain Capital for A$3.15 a share, according to the statement.

MYOB’s board is assessing KKR’s offer and shareholders do not need to take any action, the company said.

KKR Offers to Buy Australia's MYOB in $1.6 Billion Deal

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MYOB, which simplifies accounting, payroll and inventory, said in August that its online subscribers were up 61 percent on the prior year, and were on track to reach 1 million in 2020.

MYOB stock jumped 19 percent to A$3.54 at 10:42 a.m. in Sydney. The stock was worth A$4.07 apiece in August 2016.

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