British IT company Micro Focus International said it has called off takeover talks after bids for the business fell short of expectations and will now resume a share buyback programme.
The firm, which supports mainframe computer applications for companies like Tesco, said in May it was exploring a number of approaches, including from US-based private equity firms Bain Capital and Advent International.
"The board set a deadline for final offers of August 19, 2011. Based on feedback now received from these parties, the board has terminated discussions and, as a result, Micro Focus is no longer in an offer period," it said.
Earlier this month the firm posted better-than-expected first quarter trading. Last week Micro Focus' shares
rose after Hewlett-Packard's bid for Autonomy ignited interest in the industry.