Micro Focus takeover talks end with no deal
Micro Focus International has called off takeover talks after bids for the business fell short of expectations, the IT firm said as it announced its plans yesterday to resume a share buyback programme.
The company, which supports mainframe computer applications for businesses like the supermarket giant Tesco, said in May that it was exploring a number of approaches.
"The board set a deadline for final offers of August 19, 2011. Based on feedback now received from these parties, the board has terminated discussions and, as a result, Micro Focus is no longer in an offer period," it said.
Last week, shares in Micro Focus rose after Hewlett-Packard's blockbuster £7bn bid for FTSE 100-listed Autonomy ignited investor interest in the European software industry. Shares in Micro Focus closed at 263p apiece on Friday, valuing the business at about £520m.
The FTSE 250-listed company said that its share buyback programme would resume with immediate effect. It currently has shareholder authority to buy back up to 12.3 million shares, and has around £68m of distributable reserves.
- 1 Serena Williams apologises after comment that rape victim 'shouldn't have put herself in that position'
- 2 Disability campaigners celebrate 'victory' after government rethink over plans to make it more difficult to claim disability benefits
- 3 Bankers could face jail after report urges the Government to introduce new criminal offence for reckless management
- 4 Breaking the Silence: In the reality of occupation, there are no Palestinian civilians – only potential terrorists
- 5 We never knew Nigella Lawson - and we still don’t
iJobs Money & Business
£500 - £600 per day: Orgtel: FX Options Front Office Java / C# Developer - Ba...
£600 - £700 per day: Orgtel: Project Manager - Front Office - Regulatory IT C...
£600 - £750 per day: Orgtel: FATCA Project Manager - Banking - London - £600-...
£550 - £600 per day: Orgtel: Fidessa Analyst / PM - Banking - London - Up to £...