Vertex, Inc. (VERX), a provider of indirect tax solutions, announced Monday that it has withdrawn its previously announced public tender offer to buy Pagero Group AB, a provider of e-invoicing and indirect tax solutions.
The company said it took the decision after thorough review, following two competing offers and the acquisition of more than 10 percent of the shares of Pagero by a competing bidder.
Vertex confirmed that its issuance of a new series of Convertible Preferred Stock in the amount of $500 million will be cancelled.
Pagero shareholders who had undertaken to accept Vertex's tender offer have been released from those obligations.
Vertex CEO David DeStefano said, "The fundamentals of our business remain strong and position us well to capitalize on the significant market opportunity in today's increasingly complex tax landscape. We appreciate Silver Lake's market-validating support of our business and strategic intentions."
Thomson Reuters Corp. (TRI, TRI.TO) last week had announced a public tender offer to acquire Pagero for about SEK 6.4 billion, to be paid in cash.
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