Advent Software Will Remain Independent
Mar 18th 2013 2:59PM
Updated Mar 18th 2013 3:00PM
A week ago, shares of Advent Software popped in response to a Reuters report that the company was looking into the possible sale of the company -- presumably at a premium.
Today, it's the inflated stock price that's dropping, in response to a press release from the company stating that the company was looking into the strategic alternatives available to it and has decided not to sell itself.
In a statement, the company's Board announced: "It is in the best interests of the Company and its shareholders to continue to execute on its strategic plan as an independent company."
Advent shares, which already trade for a hefty 46.7 times earnings, are down 5.2% on the news, falling to $27.35 in recent trading, which is above the March 11 closing price notched the day before the Reuters report came out.
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