Sage confirms MYOB bid speculation

16th Aug 2011 15:03

Accountancy software firm Sage has confirmed that it is considering acquiring Australian peer MYOB.A report by Reuters earlier today said that Sage Group has placed a final bid for MYOB, adding that it could be sold for as much as US $1bn (£610m)."The Sage Group notes the press speculation regarding a potential acquisition of MYOB," Sage said."Sage can confirm that it is currently considering a potential acquisition of MYOB."Sage has lately been concentrating on debt reduction rather than acquisitions. Last month it reported that net debt stood at £67m, down from £106m at the end of March.