News SummaryDJ Appen Suitor Withdraws $101M Proposal on Confidentiality BreachAPX$0.965$0.00 (0.0%)$1.00$0.95

14 Mar 2024 09:00:011 ViewBy Stuart Condie

SYDNEY--Appen said that Innodata withdrew its $101 million takeover proposal after the Australian data-annotation provider was forced by the local stock exchange to announce its existence.

"Innodata informed Appen that it was withdrawing the Indicative Proposal on the basis that it was intended to remain confidential," Appen said Thursday.

Trade in Appen shares was halted on Tuesday so that the Australian Securities Exchange could ask the company if it could explain a 30% jump in its share price. In response, Appen said that it had received an indicative, non-binding takeover proposal from Nasdaq-listed Innodata.

Write to Stuart Condie at stuart.condie@wsj.com

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