Mergers and Acquistions News
Categories: Software
January 15th 2010, 17:08PM
CDC Software Corporation has announced that it has withdrawn its offer to acquire Chordiant Software, after selling its entire holdings in the company, which account for approximately 1.3 per cent of Chordiant's outstanding shares.
The software firm announced its intention to sell its holdings after Chordiant issued a press release rejecting CDC Software's offer to acquire all outstanding shares of the company.
Peter Yip, chief executive officer of CDC Software, said that his company attempted to meet Chordiant management on several occasions to discuss improving the latter's performance, but Chordiant rebuffed its attempts to speak directly.
"In fact, in a SEC filing earlier this week on January 12th, one of Chordiant's largest shareholders expressed disappointment over Chordiant's actions on the proposal and noted that Chordiant should review strategic alternatives," he added.
CDC Software now appears to have turned its sights elsewhere, after announcing today (January 15th) that it has moved to acquire an unnamed provider of supply chain management solutions.
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