Altium Says No Suitable Bid From Autodesk – Shares Droop
US design technology giant Autodesk has ended its $5 billion bid for Australian circuit board design software maker Altium.
Altium confirmed that takeover talks between the two parties ended last week. It went into a trading halt after its shares dropped more than 10 percent on the news.
“We are not commenting on matters with Altium, but can confirm that acquisition discussions have ceased at this time,” a spokesman for Autodesk said.
Altium told the market it has not received any further offer from Autodesk.
Analysts say the Autodesk offer for Altium was 75 times the ASX-listed company’s 2022 earnings.
At the end of trade, Altium shares were down more than 3.5 percent.
Last month Altium knocked back the original Autodesk offer, but left the door open to a higher offer.