SAN FRANCISCO (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.