KKR is buying the controlling interest in MYOB from Bain Capital, in which it already holds a 17-percent stake. Once approved, shareholders will receive $3.40 (Australian) per share, about $2.44 at current exchange rates. The original offer of $3.77 (Australian) per share totaled $1.8 billion (Australian), about $1.3 billion U.S. at exchange rates in December. That bid was cut by 10 percent by KKR that month to about $1.14 billion U.S. The deal easily won shareholder approval after Manikay Partners, an activist group which is the second largest MYOB shareholder, dropped its opposition. Manikay had raised its stake in MYOB from less than 5 percent to 16 percent in February. However, it now says it is better off taking its investment elsewhere.