Advent Software Will Remain Independent
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.
The article Advent Software Will Remain Independent originally appeared on Fool.com.Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.