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
- BlackLine targets outsourcers as a medium to reach out to small and medium sized businesses
- EY Collaborates with Wolters Kluwer Tax & Accounting to provide Information on Tax issues through CCH IntelliConnect
- Deloitte Consulting Teams up with SAP America to Develop and Provide New Digital Offerings to its Clients
- SAP RealSpend Budgeting App Launched by SAP
- Macola ERP Software Enhanced by Exact
- Spring 2016 Release Unveiled by the FinancialForce
- Latest Technological Updates