TechnologyAccounting SoftwareSage sued for £80m over collapsed MYOB deal

Sage sued for £80m over collapsed MYOB deal

Sage sued over its role in collapsed deal to buy Australian business software giant

Sage sued for £80m over collapsed MYOB deal

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

Related Articles

Navigating the changing landscape of UK business at Sage Summit UK

Accounting Software Navigating the changing landscape of UK business at Sage Summit UK

6m Emma Smith, Managing Editor
Sage hit by client data breach

Accounting Software Sage hit by client data breach

1y Richard Crump, Writer
Sage launches refreshed iOS app for small businesses

Accounting Software Sage launches refreshed iOS app for small businesses

1y Fraser Simpson, Reporter
Accountex: Real-time data analytics and AI changing way firms use software

Accounting Software Accountex: Real-time data analytics and AI changing way firms use software

1y Richard Crump, Writer
Video: Sage VP Jennifer Warawa on keeping pace with cloud players

Accounting Software Video: Sage VP Jennifer Warawa on keeping pace with cloud players

1y Fraser Simpson, Reporter
Four things we learned at Accountex 2016

Accounting Software Four things we learned at Accountex 2016

1y Fraser Simpson, Reporter
Strong revenues for Xero as it pins down UK market

Accounting Software Strong revenues for Xero as it pins down UK market

1y Fraser Simpson, Reporter
Accountex: Making tax digital and the power of cloud

Accounting Software Accountex: Making tax digital and the power of cloud

1y Fraser Simpson, Reporter