KKR & Co. reduced its earlier acquisition bid for Australian accounting software developer MYOB Group Ltd., following completion of due diligence and debt funding commitments.
The U.S. private equity giant is now proposing to buy the shares it does not already own in MYOB for A$3.40 per share, down from its offers of A$3.70 per share in October and A$3.77 per share in November.
MYOB initially said it was not keen to accept the revised offer, but was continuing its talks with KKR regarding the proposed buyout.
On Dec. 23, Reuters reported that MYOB would recommend the revised offer. The scheme of arrangement includes go-shop provisions, allowing MYOB to seek alternate proposals until Feb. 22, 2019.