Well, I take back everything nice I said about the deal :)
Looks like Bain Capital, former home of US presidential candidate Mitt Romney, made a more compelling offer to Australia-based MYOB than their British colleagues at Sage.
Somewhere in here there is a perfect joke about Mormons, Brits, and their former penal colonies - but your humble blogger will have to get back to you later on that. For now, let's content ourselves with chewing over yet another collection of banker's notes on the deal:
The Australian has the real scoop, pegging the deal at $1.2 billion:
Looks like Bain Capital, former home of US presidential candidate Mitt Romney, made a more compelling offer to Australia-based MYOB than their British colleagues at Sage.
Somewhere in here there is a perfect joke about Mormons, Brits, and their former penal colonies - but your humble blogger will have to get back to you later on that. For now, let's content ourselves with chewing over yet another collection of banker's notes on the deal:
Archer Capital was advised by UBS and Bain Capital by Morgan Stanley.Isn't that grand? Archer, of course, is the PE firm that previously took over MYOB, and is now cashing out.
The Australian has the real scoop, pegging the deal at $1.2 billion:
The deal is a coup for majority MYOB owner Archer Capital, the local private equity firm that led a consortium buyout of the then-listed MYOB (an acronym for Mind Your Own Business) for $450 million in January 2009. Sage, a British software supplier, had been in exclusive negotiations with the vendor and was offering about $1.3bn. It is believed Sage's sharp share price drop last week prompted soul-searching on both sides of the deal.A coup indeed. Tripling your money in 2.5 years in the middle of a global economic death spiral. Attention any UBS bankers involved in this deal: Please contact me immediately if you would like your car washed, lawn mowed, or babies sat. Zounds.
Interesting times for Sage..
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