Sage pulls out of Teta bid war

2nd Jul 2010 17:46

Business management software provider Sage says that it won't increase its bid for fellow software company Teta SAUnit 4 trumped the Sage's public tender offer to buy Poland's Teta for an enterprise value of about £41m.Sage felt that Teta's business complimented its own operations in Poland but it does not believe that it is worth more than the PLN 14 a share bid from Unit 4. Sage had bid PLN 12.75 a share. Shares in Sage fell after it announced its decision. They ended the day down 1.5p at 224.2p.