CDC Software withdraws offer to buy Chordiant
(AP) — CDC Software Corp., a Chinese business software developer, said Thursday that it withdrew a recent offer to buy Chordiant Software Inc. and sold its 1.3 percent stake in the company.
Earlier this month, CDC Software offered to buy all outstanding shares of business software company Chordiant for $105.1 million, or $3.46 per share, in a cash and stock deal. Chordiant rebuffed the offer on Monday, saying it was not in the best interest of its shareholders.
CDC Software said Thursday that it sold its stake in Chordiant — which represented about 395,200 shares of Chordiant's 30.4 million outstanding shares — and that it will be looking for other potential acquisitions.
Shares of Cupertino, Calif.-based Chordiant fell 16 cents, or 4.3 percent, in after-hours trading, after finishing regular trading up 4 cents at $3.71.
CDC Software shares rose 32 cents, or 3 percent, to close regular trading at $11.
Sarra Sounds Off, Season 3, Ep 4: Top football teams in action, fantasy update and plays of the week Gregg Sarra sounds off on the Nassau Conference II football matchup between Calhoun at Carey, plus the comeback story of New Hyde Park's Gabriel Peter, an update on the high school fantasy football standings and the plays of the week.
Sarra Sounds Off, Season 3, Ep 4: Top football teams in action, fantasy update and plays of the week Gregg Sarra sounds off on the Nassau Conference II football matchup between Calhoun at Carey, plus the comeback story of New Hyde Park's Gabriel Peter, an update on the high school fantasy football standings and the plays of the week.
