Sage sued for pulling out too soon
Former MYOB owners upset after Brit biz dumped them
British accounting software firm Sage is being sued for pulling out of a deal to buy Australia's MYOB in August.
The former owner of Mind Your Own Business (MYOB), Archer Capital, is now taking Sage to court after the talks between the two companies fell apart, Sage admitted in an LSE filing today.
Sage was all fired up and ready to take over MYOB for the handsome price of A$1.3bn (£835m), but backed out at the last minute over fears that its shareholders wouldn't approve of the plan in the worsening market conditions.
After the UK firm walked away, MYOB went to American private equity firm Bain Capital, which was reportedly offering A$100m less at A$1.2bn. Archer Capital is now suing Sage for damages of A$130m.
Sage's statement to the stock exchange was short and not very sweet:
The Sage Group notes the claim for damages made by Archer Capital following the termination of discussions between Sage and Archer relating to the potential purchase of MYOB.
Sage strongly rejects the claim, which it understands to be in the region of A$130m, and will defend itself vigorously.
Dear Legal Community,
It has now become so overused, it's patently obvious that every single lawyer in the Western world is using the same damned Word template. Enough, I say! Enough!
It is clearly time to place the word "vigorously" to rest!
I would like to humbly suggest some alternatives you can use instead: strongly, forcefully, energetically, aggressively, heartily, eagerly, enthusiastically, with might and main (I like that one), for dear life (ideal when the accused is terminally short of cash), all out, with a vengeance, fiercely, like the devil, like the deuce, and "at full tilt".
For informal statements, such as press releases, you could try: "like mad", "like crazy", "hammer and tongs", and my personal recommendation: "like billy-o".
And, for the love of Pete, buy a fucking thesaurus! The Oxford University Press' online services are available at tolerable prices (which can be claimed as expenses!) Or you could just get the ODE / OTE app for iOS devices*.
Or there's the paper option known in the trade as a "book". These are increasingly considered very passé and unfashionable, but it does have a simple user interface and near-infinte battery life, which makes it ideal if, like most people in the legal profession, you're woefully out of touch and still refer to your radio as "the wireless".
* (Disclaimer: Other platforms do exist, etc.)
*Allegedly* time to put the use of the word vigorously to rest. Going forward.
Toy, pram, no court in the land, etc.