Alfa Financial Software Holdings PLC on Tuesday said it terminated talks for a potential takeover by Thomas H Lee Partners LP.

Alfa Financial shares fell 12% to 162.50 pence each on Tuesday afternoon in London.

Alfa Financial, a London-based software developer, last Wednesday announced that it was in preliminary talks for a potential takeover with the Boston, Massachusetts-based private equity firm.

Alfa Financial did not state a reason and highlighted that the termination announcement had been made without the consent of THL.

‘The board remains confident in the company’s strategic direction including continued investment into the software and in high-quality people. The inherent robustness of the asset finance market, seen in the exceptionally strong late-stage pipeline, underpins our strong confidence in the outlook for the business,’ Alfa Financial said.

The company remains in an offer period until October 25.

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