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By | John Oates 18th August 2011 11:01

Sage leads bidding for Mind Your Own Business

Geordie move into Antipodes looking good

Sage has been declared preferred bidder for Aussie small biz and accounts firm MYOB.

The Geordie firm is bidding A$1.3bn (£823m), which tops offers from Bain Capital and Kohlberg, Kravis Roberts and Co.

The two private equity/asset stripper firms were stymied by the downturn in debt markets in recent weeks.

The offer is a generous valuation of MYOB and would be Sage's biggest ever buy.

Sage said yesterday it was in the bidding: company spokespersons were unavailable at the time of writing. ®

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