Autodesk walks away from Altium deal, shares hit 6-week low
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US engineering software giant Autodesk has walked away from its bid for Altium, after the two technology businesses couldn’t agree on a price, sending shares in the printed circuit board company sliding to a six-week low.
Autodesk confirmed it had terminated discussions with Altium on Wednesday after a $40-a-share verbal bid made on Monday - valuing the ASX-listed company at $5.25 billion - was reportedly rejected.
“While we did verbally improve our initial proposal, we were unable to agree on the basis to advance discussions,” said Autodesk chief executive Andrew Anagnost.