Mergers and Acquistions News
Categories: IT Services & Consulting
December 18th 2008, 16:14PM
The long-running takeover battle between Manhattan Software and MYOB has come to an end after the Archer Capital-backed private equity firm gained the approval of more than half the shareholders of its Australian target.
MYOB's board, including the founder Craig Winkler, have also agreed to sell their shares, giving Manhattan a further 30 per cent of the control.
The firm's chairman Simon McKeon told the Australian Financial Review that the deal was the first example in the country of a well-placed company being acquired under a hostile bid since the start of the economic downturn.
"This has been a bid that divided shareholders. And I know that some of the intuitions which have accepted in the past day or so have done so with a heavy heart," he said.
MYOB had also attempted to conduct an auction in order to obtain the highest price it could, Mr McKeon added.
This resulted in an increased offer from Manhattan, he pointed out.
Last week, the purchasing firm agreed to pay Aus$1.05 (£0.45) a share, rather than the Aus$1.02 it had originally offered.
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