(Reuters) -Software maker Autodesk Inc said on Monday it had ended takeover talks with peer Altium Ltd, weeks after the Australian firm rejected its A$5.05 billion ($3.74 billion) offer.
“We are not commenting on matters with Altium but can confirm that acquisition discussions have ceased at this time,” a spokesperson for the U.S.-based company said in an email statement.
The news comes after shares of Altium, which counts Apple, Facebook, Tesla, BMW, Intel and Samsung among its customers, slumped nearly 14% in early trade on reports that Autodesk had walked away from the deal.
After a trading halt, the stock pared losses and was just 1.4% lower at A$36.03 by 0549 GMT.
According to media reports, Autodesk had raised its bid to A$40 per share from its initial A$38.50 before ending its interest.
The revised deal would have valued Altium at A$5.25 billion. Altium said earlier on Monday it had not received a fresh bid.
Autodesk had been looking to leverage Altium’s electronics design software with its engineering and manufacturing software platforms to provide its users with a host of applications under one cloud network.
($1 = 1.3510 Australian dollars)
Reporting by Savyata Mishra in Bengaluru; Editing by Subhranshu Sahu and Arun Koyyur
Our Standards: The Thomson Reuters Trust Principles.