Mergers, Acquisitions and Financial Results

Software supplier says talks with two potential bidders have come to nothing, prompting the withdrawal of a cautionary announcement to end the uncertainty over its future independence. The discussions began with one potential bidder in February, with a second suitor showing its hand in March.

Last week CEO Dean Brazier said neither group had put together a formal offer at a speed the directors were satisfied with, so his company withdrew the cautionary notice so it could get back to business. He has not ruled out the possibility that one or both bidders may come back with a formal offer, but the directors did not believe that would happen in the short term.

"We had two groups making expressions of interest and we provided the information they required but neither has put together a formal offer," Brazier said. "Both groups are still keen, but it was the view of the board that with no additional information forthcoming from them we must end the process.

Business Day