Appen (ASX:APX) has announced the withdrawal of a non-binding, indicative merger proposal from Innodata.
The revelation came after the Australian Securities Exchange (ASX) inquired about unusual price and volume activity in Appen’s shares on 12 March 2024, to which Appen disclosed the receipt and subsequent withdrawal of the proposal from Innodata.
Innodata retracted its proposal, initially meant to be confidential, leading to this public disclosure by Appen.
The company has affirmed its commitment to keeping its shareholders informed in alignment with its continuous disclosure responsibilities.
Despite the unexpected withdrawal of Innodata's proposal, Appen intends to proceed with its business as usual while ensuring transparent communication with its investors and the broader market.