May 31 (Reuters) - Australia's MYOB Group (MYO) said on Thursday it has scrapped a planned A$180 million ($136.28 million) purchase of Reckon Ltd's (RKN) 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 loner 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. ($1 = 1.3208 Australian dollars)
News: RKN Australia's MYOB Group terminates acquisiton of Reckon business
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Mkt cap ! $58.34M | |||
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