Mergers and Acquistions News
Categories: IT Services & Consulting
December 1st 2008, 16:19PM
Australian software firm MYOB has rejected a takeover bid which valued the firm at Aus $400 million (£170 million).
The offer, which was made by the private equity firm Manhattan Software Bidco, was dismissed as "inadequate", reports the Sydney Morning Herald.
In a statement, MYOB explained that the approach undervalues not only its future prospects, but also its existing business.
"In the event that an alternative proposal is not forthcoming, the board remains confident that shareholders will receive better value by retaining their shares in MYOB," it told the Australian Securities Exchange.
According to Simon McKeon, chairman of the firm, Manhattan is looking to acquire the business without paying a fair premium to shareholders.
Previously, the board of MYOB had advised shareholders to take no action as it weighed up a bid from Manhattan.
The firm described the takeover attempt as "highly conditional" and underlined that it will keep paying dividends.
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