The British company's position was it had not signed a definitive agreement and was not obliged to continue with the acquisition.. Originally founded in the United States, MYOB later became an Australian company of the same name. Bain took MYOB private via the purchase, but took it public again in a May 7 offering on May 7, but sold none of its shares.
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SAGE WINS SUIT OVER MYOB DEAL Featured
A suit by former shareholders of MYOB against the Sage Group has been dismissed. Sage said this week. Sage, based in the United Kingdom, was in talks to buy MYOB, based in Australia, in 2011. However, Sage pulled out of the negotiation. Funds advised by the Archer Group , which then were MYOB shareholders, initiated the lawsuit. MYOB was then purchased by Bain Capital. Reports at the time said the Bain offering was about $100 million (Australian) less than what Sage had offered. Sage issued a press release that statement all claims were dismissed on all counts and Sage would take action to recover costs it incurred in its defense.
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