Appen says US-based Innodata withdraws buyout offer on confidentiality breach (updated)

Innodata

13/03/2024 22:29

(Updates with details and background throughout)
       March 14 (Reuters) - Australian software firm Appen
 APX.AX  said on Thursday U.S.-based Innodata  INOD.O  has
withdrawn a non-binding indicative proposal for a buyout offer.
    Appen had said on Tuesday the proposal offered A$0.70 worth
of Innodata shares per share of the company, which at the time
represented "a premium in excess of 100% to its share price at
the time the indicative proposal was provided".
     However, it had refused to provide the actual offer value
or the date on which proposal was made, citing confidentiality.
    "Overnight, Innodata informed Appen that it was withdrawing
the Indicative Proposal on the basis that it was intended to
remain confidential," Appen said. 

 (Reporting by Ayushman Ojha in Bengaluru; Editing by Shounak
Dasgupta and Krishna Chandra Eluri)
 ((Ayushman.Ojha@thomsonreuters.com))