MYOB Group no longer pursuing the acquisition of Reckon

Company News

by Rachael Jones

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.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.