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

By Thomson Reuters Mar 13, 2024 | 5:33 PM

(Reuters) – Australian software firm Appen said on Thursday U.S.-based Innodata has withdrawn a non-binding indicative proposal for a buyout offer.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)