October 7, 2018 / 10:20 PM / 13 days ago

Australia's MYOB Group announces A$1.75 bln buyout offer from KKR

Oct 8 (Reuters) - Australia’s MYOB Group Ltd on Monday said an associate of private equity firm KKR & Co bought a 17.6 percent stake in the cloud services provider from Bain Capital Abacus Holdings, L.P. for A$327.4 million ($230.98 million) and proposed to buy the remaining shares for about A$1.75 billion.

The proposal price of A$3.70 cash per share represents a premium of 24 percent to the cloud services provider’s last close.

After the share sale, Bain Capital has a remaining holding of about 6.1 percent in MYOB. ($1 = 1.4174 Australian dollars) (Reporting by Devika Syamnath in Bengaluru Editing by Marguerita Choy)

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