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MYOB shareholders urged to reject Manhattan bid
Stephen Withers
Thursday, 04 December 2008 10:54
Page 2 of 2
In recent news, MYOB's US operations were the subject of a management buyout, and the company announced it was withdrawing from the China market.MYOB also announced that it would completely withdraw from mainland China "in the light of [presumably poor] progress to date", three years after opening its operations there.
MYOB also confirmed today that it is in discussions with other parties about "possible alternative proposals that may result in a superior offer."
Despite being challenged on this point by Manhattan, MYOB has not identified these possible suitors.
The board says it is unlikely that a proposal will be announced before Manhattan's deadline, but continues to advise shareholders to reject the company's offer.
MYOB shares closed up 0.055 cents at $1.02.
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