Telstra has revealed the addition of almost one million new mobile services in the six months to December 2011, but Sensis revenues plummeted 24 percent in 12 months.
Although MYOB directors are still not recommending the $1.0564 offer, they do recommend that in the absence of a higher offer shareholders lodge acceptance instructions into the institutional acceptance facility.
They say that's what they will be doing with their own shares unless a better offer comes along.
"The Board is pleased that we have been able to agree an improvement to the bid structure, which now allows shareholders to gain a higher price for their shares without risking being forced into accepting the lower price," said MYOB chairman Simon McKeon.
"We encourage shareholders to think carefully about the options presented to them. Whilst the Board is not recommending accepting the lower bid, the Board notes that the offer will not proceed unless 50.1 percent acceptances are received prior to 18 December, either directly or into the existing acceptance facility.
"The Board is unanimous in its recommendation that shareholders lodge acceptance instructions into the 90 percent IAF, once established. Furthermore, all Board shareholders have indicated they intend to accept into the 90 percent acceptance facility, in the absence of a higher offer."
Manhattan welcomed the news. Its chairman, Andrew Gray, said "We are pleased that the MYOB Board has agreed to the restructure of Manhattan’s offer and we look forward to working closely with MYOB to facilitate acceptances such that our offer may be increased."
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 sold its US operations including the development of its Mac accounting software to its local distributor, Acclivity. Under the terms of the agreement, Acclivity has acquired MYOB US and its Mac and PC development team.
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.
David Bass
| For the fourth year in a row, IDC has placed content security provider Websense (NASDAQ: WBSN) at the top of the IDC Worldwide Web Security 2011 –…
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