Market turmoil puts an end to Micro Focus's takeover hopes

Software firm Micro Focus today confirmed takeover talks with two finance groups have come to an end due in part to the current turmoil in stock markets.

The Newbury-based group had set a deadline of August 19 for a deal to be concluded but said today after receiving feedback from the potential bidders it had decided to terminate the talks.

Advent International, one of the potential buyers, said the current market turmoil was partly behind the decision to end the discussions, which was mutually agreed by all of the parties.

Micro Focus first announced an approach in April and confirmed twelve days ago that the talks were still ongoing, but reports over the weekend had suggested the price offered for the Berkshire-based company fell short of the board's expectations.