April 3, 2019 / 3:26 AM / 3 months ago

Australia's MYOB says key shareholder pledges to vote for KKR's M&A offer

April 3 (Reuters) - Australia’s MYOB Group said on Wednesday that one of its top shareholders pledged to vote in favour of private-equity company KKR & Co’s takeover bid for the accounting software maker.

Manikay Partners, which is MYOB’s second biggest shareholder with a 16 percent stake according to Refinitiv data, said in a letter to MYOB it was disappointed with MYOB’s decision to continue to recommend KKR’s marked-down A$3.40 ($2.41) per share bid despite improving market conditions.

The letter, which was disclosed in a statement by MYOB, also said Manikay Partners felt it is “better served” allocating its capital elsewhere. ($1 = 1.4092 Australian dollars) (Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Muralikumar Anantharaman)

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