Bain trumps Sage with A$1.2bn bid

Sage has missed out on the chance to acquire Australian software house MYOB after US private equity firm Bain Capital swooped in with a A$1.2bn (£760m) bid, according to Reuters.

As reported last week, Sage had confirmed it was in exclusive talks to buy MYOB after outbidding its rivals with an offer of A$1.4bn (£887m).

However, a drop in its share price due to market turmoil and the consequent need for shareholder approval undermined its ability to follow through with the bid.

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