Accounting software provider MYOB Group (ASX:MYO) will no longer pursue the acquisition of Reckon’s Accountant Group (ASX:RKN) assets.
The regulatory process was taking considerably longer than the parties anticipated and could continue for some time.
The sale and purchase agreement had a six month duration within which the conditions precedent to completion had to be satisfied.
Further potential delays in the ACCC and NZCC process created uncertainty.
The parties could not agree to mutually acceptable terms to extend the contract.
MYOB will proceed with its planned investment strategy to drive future growth.
Shares in MYOB Group (ASX:MYO) are trading down 3.59 per cent to $2.95.