Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

A last-minute lump of coal in the stocking from accounting software and services provider <a href="https://www.smartkarma.com/entities/374" target="_blank" data-smartkarma-citation="entities:374:1">MYOB Group Ltd (MYO AU)</a>?
Kohlberg Kravis Roberts has reduced its indicative offer to $3.40 from $3.77 after sifting through MYOB's books, with MYOB <a href="https://www.asx.com.au/asxpdf/20181220/pdf/441ddj7t9p0n71.pdf" target="_blank">announcing</a>:
<blockquote class="">
Following completion of due diligence and finalisation of debt funding commitments, KKR has revised the offer price to $3.40 per share. ...  The board has informed KKR that it is not in a position to recommend the revised proposal, however it remains in discussions with KKR regarding its proposal. (my emphasis)
</blockquote>
KKR’s revised non-binding proposal is scheduled to expire at 5pm Friday, providing a day and change for MYOB to sound out shareholders as to the next move. Either the lower tilt is grudgingly accepted, or MYOB rejects and KKR walks away (for now), or goes hostile.
Either way, with MYOB's VWAP above the revised proposal on all but 6 days since the initial announcement on the 8 October and $3.47/share on average, there won't be a lot of Ho Ho Ho'ing.
Shares are down 11% as I type, implying 13% upside and 11% downside (using the ASX performance-adjusted price) or ~18% downside when pegged to peers. That's not an attractive risk/reward heading into year-end.

A last-minute lump of coal in the stocking from accounting software and services provider MYOB Group Ltd (MYO AU)?
Kohlberg Kravis Roberts has reduced its indicative offer to $3.40 from $3.77 after sifting through MYOB's books, with MYOB announcing:

Following completion of due diligence and finalisation of debt funding commitments, KKR has revised the offer price to $3.40 per share. ...  The board has informed KKR that it is not in a position to recommend the revised proposal, however it remains in discussions with KKR regarding its proposal. (my emphasis)

KKR’s revised non-binding proposal is scheduled to expire at 5pm Friday, providing a day and change for MYOB to sound out shareholders as to the next move. Either the lower tilt is grudgingly accepted, or MYOB rejects and KKR walks away (for now), or goes hostile.
Either way, with MYOB's VWAP above the revised proposal on all but 6 days since the initial announcement on the 8 October and $3.47/share on average, there won't be a lot of Ho Ho Ho'ing.
Shares are down 11% as I type, implying 13% upside and 11% downside (using the ASX performance-adjusted price) or ~18% downside when pegged to peers. That's not an attractive risk/reward heading into year-end.

Friday Deadline Looms As MYOB Snubs KKR's Reduced Offer

Travis Lundy

Accounting software and services provider (among other things) <a href="https://www.smartkarma.com/entities/374" target="_blank" data-smartkarma-citation="entities:374:1">MYOB Group Ltd (MYO AU)</a> this morning <a href="https://www.asx.com.au/asxpdf/20181008/pdf/43z1g80xkyyblr.pdf" target="_blank">announced</a> that largest shareholder Bain had sold a stake of approximately 17.6% of the shares in the company by Bain to KKR at A$3.15/share, which is a bit over a 5% premium from the October 5th close (the record date of the most recent dividend. Bain is left with 6.1% of the shares. KKR has 19.9%. 
MYOB also announced the receipt of an unsolicited conditional proposal (a "preliminary, non-binding indication of interest") at A$3.70/share (a 24% premium to the close) from KKR conditional of completion of confirmatory due diligence by KKR, debt financing, execution of a deed of implementation, standard exclusivity and conditions precedent terms.

Accounting software and services provider (among other things) MYOB Group Ltd (MYO AU) this morning announced that largest shareholder Bain had sold a stake of approximately 17.6% of the shares in the company by Bain to KKR at A$3.15/share, which is a bit over a 5% premium from the October 5th close (the record date of the most recent dividend. Bain is left with 6.1% of the shares. KKR has 19.9%. 
MYOB also announced the receipt of an unsolicited conditional proposal (a "preliminary, non-binding indication of interest") at A$3.70/share (a 24% premium to the close) from KKR conditional of completion of confirmatory due diligence by KKR, debt financing, execution of a deed of implementation, standard exclusivity and conditions precedent terms. 

Australia

Adacel Technologies Limited is a developer of complex, real-time automation, communications, and simulation software and systems. The Company's software is primarily utilized by air traffic controllers and satellite-based air traffic automation systems.

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Adacel Technologies (ADA AU)

Friday Deadline Looms As MYOB Snubs KKR's Reduced Offer

A last-minute lump of coal in the stocking from accounting software and services provider MYOB Group Ltd (MYO AU)? Kohlberg Kravis Roberts has...

David Blennerhassett

MYOB: KKR Launches a Proposal. Lightish?

Accounting software and services provider (among other things) MYOB Group Ltd (MYO AU) this morning announced that largest shareholder Bain had...

Travis Lundy

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