Shares of Vertex, Inc. (VERX), gained nearly 7% on Tuesday morning after the company announced its decision to withdraw its offer to buy Pagero Group AB, a provider of e-invoicing and indirect tax solutions.
VERX is currently trading at $25.38, up $1.84 or 7.82%, on the Nasdaq. The stock opened its trading at $24.34 after closing Friday at $23.54. The stock has traded between $11.92 and $30.00 in the past 52-week period.
On Sunday, the company said it took the decision after a thorough review, following two competing offers and the acquisition of over 10 percent of the shares of Pagero by a competing bidder.
On Monday, Thomson Reuters (TRI, TRI.TO) raised its offer to buy Sweden's Pagero by 25% to about $789 million. The company said it now controls about 54% of the company.
Thomson Reuters increased its offer to 50 crowns per Pagero share, valuing the company at 8.1 billion crowns and topping an offer of 45 crowns per share from U.S.-based sales and tax management services company Avalara (AVLR) Inc.
Last week, Thomson Reuters had offered 40 crowns per share, valuing Pagero at 6.4 billion crowns, beating Vertex's offer of 36 crowns per share.
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