By Colin Kellaher
Vertex shares moved higher on Tuesday after the provider of indirect tax solutions said it was scrapping its $555 million cash bid for Swedish e-invoicing provider Pagero Group.
Shares of the King of Prussia, Pa., company were recently changing hands at $25.51, up 7.1%.
Vertex on Sunday said it withdrew its offer to buy Pagero following the emergence of two competing offers and the acquisition by a competing bidder of more than 10% of Pagero’s shares.
Vertex also said it is cancelling the issuance of $500 million of a new series of convertible preferred stock to Private-equity giant Silver Lake that it was planning to use to fund the acquisition.
Write to Colin Kellaher at [email protected]
Read the full article here
