Corporate Action: We Recommend MYOB Shareholders Vote Against the KKR Acquisition
We recommend MYOB shareholders vote against the KKR acquisition at the Scheme meeting on April 17, 2019. Although the offer has been recommended by MYOB’s board of directors and the independent expert, Grant Samuel, we think the AUD 3.40 per share offer price is too far below our stand-alone fair value estimate of AUD 3.94 to justify recommending. We were comfortable with the original offer price, of AUD 3.70 made last October, and the revised offer, of AUD 3.77 last November.KKR’s decision to ...
MYOB Group is engaged in development and publishing of software and the provision of services for small and medium enterprises, including accountants in public practice. Co.'s operating segments comprise of SME Solutions, which provides business management software and services to small and medium enterprises; Practice Solutions, which provides business software and services to accounting professionals in practice; and Enterprise Solutions, which provides enterprise resource planning and human resource management software and services to medium and large enterprises.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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