Manhattan secures 90 per cent of MYOB shares

Software company says it will commence compulsory acquisition of remaining MYOB shares shortly

Manhattan Software has secured over 90 per cent of shares in ASX-listed software vendor, MYOB (ASX: MYO).

As part of its updated agreement, Manhattan will pay MYOB shareholders an additional 10 per cent per share, bringing the total cost of the acquisition to $1.15 per share. According to a statement dated January 6, Manhattan holds 90.89 per cent of shares. Its offer closes on January 14.

The company said it will send a confirmation letter once debt financing conditions are satisfied or waived.

“As soon as practicable after the confirmation letter is issued, Manhattan Software will formally vary its offer to increase the offer consideration by $0.10, as proposed, and will commence the process of compulsorily acquiring MYOB shares that are not accepted into the offer,” Manhattan said in an ASX statement.

MYOB CEO, Tim Reed, was pleased with the bid’s progress.

“Once acceptance had gone over 50 per cent, the board recommended to shareholders to accept the bid – firstly so that everyone could enjoy the higher price, but also because being majority owned by one investor was likely to be a challenging way to operate,” he said. “Given the time of year, it’s been done fairly smoothly.”

Reed insisted there were no changes planned to MYOB’s operational strategy and highlighted its business partner initiatives as key.

After initially rejecting Manhattan’s bid as “opportunistic”, MYOB did an about face last month and announced it would support a restructured takeover offer for all shares. The vendor claimed the updated offer included an improved headline price, the majority of conditions removed and provided greater flexibility for shareholders.

Join the Good Gear Guide newsletter!

Error: Please check your email address.

Tags MYOB

Our Back to Business guide highlights the best products for you to boost your productivity at home, on the road, at the office, or in the classroom.

Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.
Nadia Cameron
Show Comments

Essentials

Microsoft L5V-00027 Sculpt Ergonomic Keyboard Desktop

Learn more >

Lexar® JumpDrive® S57 USB 3.0 flash drive

Learn more >

Mobile

Lexar® JumpDrive® S45 USB 3.0 flash drive 

Learn more >

Exec

Lexar® JumpDrive® C20c USB Type-C flash drive 

Learn more >

HD Pan/Tilt Wi-Fi Camera with Night Vision NC450

Learn more >

Audio-Technica ATH-ANC70 Noise Cancelling Headphones

Learn more >

Lexar® Professional 1800x microSDHC™/microSDXC™ UHS-II cards 

Learn more >

Budget

Back To Business Guide

Click for more ›

Most Popular Reviews

Latest News Articles

Resources

PCW Evaluation Team

Michael Hargreaves

Windows 10 for Business / Dell XPS

I’d happily recommend this touchscreen laptop and Windows 10 as a great way to get serious work done at a desk or on the road.

Aysha Strobbe

Windows 10 / HP Spectre

Ultimately, I think the Windows 10 environment is excellent for me as it caters for so many different uses. The inclusion of the Xbox app is also great for when you need some downtime too!

Mark Escubio

Windows 10 / Lenovo Yoga

For me, the Xbox Play Anywhere is a great new feature as it allows you to play your current Xbox games with higher resolutions and better graphics without forking out extra cash for another copy. Although available titles are still scarce, but I’m sure it will grow in time.

Kathy Cassidy

STYLISTIC Q702

First impression on unpacking the Q702 test unit was the solid feel and clean, minimalist styling.

Anthony Grifoni

STYLISTIC Q572

For work use, Microsoft Word and Excel programs pre-installed on the device are adequate for preparing short documents.

Featured Content

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?