By Michael Susin
Shares in Alfa Financial Software fell on Tuesday after the software developer abandoned negotiations over its potential takeover by private equity company Thomas H. Lee Partners.
At 1334 GMT, shares were down 19.5 pence, or 10.5%, at 166.0 pence.
“The board remains confident in the company’s strategic direction including continued investment into the software and in high-quality people,” the London-listed company said, adding that it is confident in its business outlook.
The decision to terminate any engagement with Thomas H. Lee Partners was taken unanimously by the board, Alfa Financial Software said. It comes after the company confirmed takeover talks last week following an unsolicited approach.
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