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Wellington, June 2, 2018
MYOB Group Limited has today formally withdrawn its application to acquire the Accountants Group business of Reckon Limited (Reckon).
The Commerce Commission was scheduled to make a decision before the agreed date of June 21, 2018.
The Australian Competition and Consumer Commission (ACCC) was undertaking its own assessment of the proposed merger.
About MYOB
MYOB is a limited liability company incorporated in Australia and listed on the Australian Securities Exchange. It provides software solutions to businesses and accounting practices in New Zealand and Australia.
The Company was seeking clearance to acquire the Accountants Group business of Reckon which provides accounting, tax, and other software to accounting practices under the Reckon APS brand.
Commerce Commission Concerns
When considering a proposed merger, the Commission must determine whether any competition that would be lost with the merger would be substantial.
The Commission will give clearance to a proposed merger only if it is satisfied that the merger is unlikely to have the effect of substantially lessening competition in a market.
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