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What: Shares of accounting software maker Advent Software (NASDAQ: ADVS ) dropped today by as much as 12% after the company said it will not pursue a sale.
So what: Reports that Advent was potentially considering a sale sent shares higher last week on hopes that the company could be acquired by a private equity firm. At the time, there was reportedly a large gap between what Advent was seeking and what prospective buyers were bidding. Today, Advent said it would continue on as an independent company.
Now what: CEO Pete Hess said the company went through a "thorough process" to evaluate the various strategic alternatives with the assistance of Qatalyst Partners, which served as Advent's financial advisor. Wilson Sonsini Goodrich & Rosati also served as legal counsel throughout the process. Hess said the board believes that shareholder value can be maximized under Advent's current strategic plan.
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