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Listed software company MYOB (ASX: MYO) has granted due diligence to private equity firm KKR ahead of its proposed $2.2 billion takeover bid.
KKR, which already owns a 20 per cent stake in MYOB, announced its takeover of the software company in early October.
The takeover remains subject to completion of KKR's due diligence process, but the private equity firm has increased its offer price to $3.77 per share.
An independent board committee (IBC) chaired by Justin Milne (currently the non executive chairman of MYOB) was formed following the takeover bid. The IBC includes MYOB independent directors Anne Ward, Andrew Stevens, and Fiona Pak-Poy.
Shareholders are currently not required to take any action in relation to the takeover, with the company stressing the deal is still in preliminary stages.
"The MYOB board notes that there is no certainty that the Proposal will result in an offer for MYOB," says MYOB.
"The board remains fully committed to acting in the best interests of all shareholders."
Clayton Utz has been appointed as a legal advisor and UBS as a financial advisor for MYOB during the process.
Shares in MYOB closed at $3.36 per share on Thursday 1 November.
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Business News Australia
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