News: MYO UPDATE 1-Australia's MYOB Group announces A$1.75 bln buyout offer from KKR

(Adds details on KKR stake, MYOB board response to deal)

Oct 8 (Reuters) - Australia's MYOB Group (MYO) on Monday said private equity firm KKR & Co KKR.N proposed to buy shares it does not already own in the cloud services provider for about A$1.75 billion ($1.23 billion) after bagging a 17.6 percent stake in MYOB from Bain Capital Abacus Holdings, L.P.

KKR paid about A$327.4 million, or A$3.15 per share, for the stake from Bain to build up its hold in MYOB to 19.9 percent.

The proposal price of A$3.70 cash per share for the stake yet to be owned represents a premium of 24 percent to MYOB's last close.

MYOB said in a statement said its board has commenced an assessment of the proposal.

KKR's proposal follows another deal in 2017 wherein it acquired Australian non-bank lender Pepper Group for about A$682 million.

After the share sale, Bain Capital has a remaining hold of about 6.1 percent in MYOB.

($1 = 1.4174 Australian dollars)