We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Accounting Software Cos. Scrap $138M Deal Amid Scrutiny

Law360 (May 31, 2018, 5:10 PM EDT) -- Software supplier MYOB said Thursday that it will abandon its planned AU$180 million ($138.1 million) purchase of Reckon's accounting adviser software business and instead invest tens of millions of dollars in bringing updated software to market, after antitrust enforcers in Australia and New Zealand raised concerns about the deal.

The company said that regulators' scrutiny had gone on longer than envisioned with no end in sight, according to a press release.

Although the business rationale for the acquisition remained unchanged the deal had a six-month window...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.