MYOB Group terminates acquisition of Reckon business

MYOB Group has scrapped a planned $180 million purchase of Reckon's accounting practice management software business as the regulatory process had taken longer than expected.

The acquisition, announced last year, included a six-month period for the completion of a series of conditions, including regulatory conditions. The six-month period expired on Thursday.

MYOB said the regulatory process had taken considerably longer than anticipated and could continue for some time.

Further potential delays had created uncertainty in the business with the potential to impact on its trading and the parties could not agree on terms to extend the contract, it said.

Reuters