SAGE IS BEING SUED for A$130m (£83m) after it pulled out of a deal to buy Australian business software giant MYOB.
MYOB’s former owner Archer Capital has claimed it lost A$130m from the failure of negotiations between MYOB and Sage. MYOB was eventually sold to Bain Capital for A$1.2bn, A$130m less than it expected to receive from Sage, reported The Telegraph.
During the negotiations, Sage had ‘preferred-bidder’ status with MYOB. Archer claims that Sage made a second, lower offer which, in turn, made Bain Capital’s bid the highest.
The legal proceedings have been filed in Australia.
Sage told the London Stock Exchange that it ‘will defend itself vigorously’.
Its shares were trading at 276.1p, 1.0p this morning.
For more companies and markets data go to the Share Price Centre
Colin sums up some people's attitude towards the result of the EU referendum using just two cups
Australian accountancy firm Reckon have announced a global partnership with MyFirmsApp
The latest edition of our 'Seven Days in Accountancy' quiz is here
Three of the Big Four have been included in LinkedIn's list of the 25 top attracting employers in the UK