Accounting software giant Sage has revealed that its aborted bid for Australian group MYOB - short for Mind Your Own Business - has resulted in legal action from MYOB's former owner Archer Capital.
The buyout group is suing Sage for A$130m (£83m), after the British firm walked away from a deal to buy MYOB.
Private equity group Bain Capital eventually bought the Australian accounting software specialist in August for A$1.2bn.
Reuters is saying that Sage had been offering $100m (£63m) more than Bain. Sage was in exclusive talks to buy MYOB, but pulled out due to market turmoil.
Sage's statement was somewhat terse this morning on the subject:
The Sage Group plc ("Sage") notes the claim for damages made by Archer Capital ("Archer") following the termination of discussions between Sage and Archer relating to the potential purchase of MYOB.
Sage strongly rejects the claim, which it understands to be in the region of A$130m, and will defend itself vigorously.
Sage shares are 1.2% down at lunchtime, outdoing a market fall of 0.6%, and trading at 278p.
