MYOB won't recommend KKR's lowered offer

MYOB Group says it is not in a position to recommend an offer from KKR & Co after the US buyout giant lowered its bid following due diligence.

MYOB Group says it is not in a position to recommend an offer from KKR & Co after the US buyout giant lowered its bid to take full control of the accounting software firm.

KKR, following completion of due diligence and finalisation of debt funding commitments, revised its offer price to $3.40 per share down from the previous $3.77 per share.

MYOB last month said it would grant due diligence after KKR sweetened its offer by two per cent.