The board of financial software and services company MYOB is maintaining its opposition to the bid made by US-Australian takeover vehicle Manhattan Software. "The offer is neither fair nor reasonable," said MYOB's chairman.
In a move that signals a return of MYOB to its core operations, the accounting software company has divested itself of its US business and pulled out of China after a fruitless three years. MYOB has sold its US operations including the development of its Mac accounting software to its local distributor, Acclivity.
MYOB - "Mind Your Own Business" - is one of Australia's best known financial management software for small businesses. After 17 years its platform is being re-engineered using leading edge Microsoft technologies.