18th Feb 2016 07:50
LONDON (Alliance News) - Aspen Technology Inc on Thursday said it will not raise its offer for KBC Advanced Technologies PLC after the target company accepted a higher offer from a rival bidder.
On Wednesday, KBC agreed a deal to be acquired by Yokogawa Electric Corp for GBP180.3 million, significantly higher than the GBP158.0 million US software firm Aspen had agreed to pay in January.
"While we had looked forward to the combination of AspenTech and KBC, we believe our proposed purchase price of 185p represented full and fair value. As with every aspect of its business, AspenTech takes a disciplined approach when assessing potential acquisitions," said Aspen President and Chief Executive Antonio Pietri.
By Sam Unsted; [email protected]; @SamUAtAlliance
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