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.
About Robert Lovell
Business and finance journalist