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RECKON LIMITED — M&A Activity 2018
Apr 19, 2018
65708_rns_2018-04-19_d4f99ad1-ec92-482f-9de9-f51d547684b1.pdf
M&A Activity
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20 April 2018
ASX Announcement
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ACCC and NZCC extend review of MYOB’s proposed acquisition
MYOB Group Limited (ASX: MYO) (MYOB) wishes to provide an update on the proposed acquisition of Reckon’s Accountant Group assets ( refer to the ASX announcement dated 16 November 2017 ).
MYOB advises that both the Australian Competition and Consumer Commission (ACCC) and the New Zealand Commerce Commission (NZCC) have announced an extension to their review periods for the proposed A$180 million acquisition of Reckon’s Accountant Group assets, with both decisions expected on 21 June 2018.
MYOB will continue to cooperate with both regulators during the review process.
For further details, please refer to the ACCC and NZCC websites.
MYOB CEO Tim Reed said :
“We are not surprised by the extended review period notified by the NZCC and ACCC. We recognise that the regulators are conducting a thorough review of the transaction and we will continue to cooperate with them through this review period.”
Investor and Analyst Enquiries Media queries Christina Nallaiah Lia Pacquola Head of Investor Relations Head of PR and Corporate Communications T: +61 2 9089 9122 | M: +61 468 362 553 M: + 61 418 116 790 [email protected] [email protected]
About MYOB
MYOB Group Ltd (ASX: MYO) is a leading provider of online business management solutions. It makes business life easier for approximately 1.2 million businesses and accountants across Australia and New Zealand by simplifying accounting, payroll, tax, practice management, CRM, job costing, inventory and more. MYOB operates across three core segments – Clients and Partners (business solutions to SMEs and Advisers); Enterprise Solutions (larger businesses) and Payment Solutions. It provides ongoing support through client service channels including a network of over 40,000 accountants, bookkeepers and other consultants. It is committed to ongoing innovation, particularly through its Connected Practice Strategy and through the development of the MYOB Platform. For more information, visit http://investors.myob.com.au/Investors or follow @MYOB on Twitter.
MYOB Group Limited ABN 61 153 094 958 Level 3, 235 Springvale Road, Glen Waverley VIC 3150