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SAGE SUED OVER DROPPED MYOB BID

Sage logoThe Sage Group, parent to Sage North America, has been sued by a private equity firm over its decision to drop a bid for MYOB this year. Sage broke the news in issuing a statement which said that, "Sage strongly rejects the claim, which it understands to be in the region of A$130m, and will defend itself vigorously."

Sage had been in talks to buy MYOB, an Australia-based firm that sells accounting software, from Archer and Harbour Vest Partners. Sage had offered a bid of about $1.4 billion for MYOB, which was founded in the United States but no longer has operations here. After Sage dropped out of the bidding, MYOB was sold to Bain Capital for about $100 million less. Reuters reported that Archer is apparently suing Sage for the difference between its bid and the actual sale price. Archer's web site offers no news about the suit and the firm does not appear to have issued a statement.

 

 

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