Micro Focus ends takeover talks

British IT company Micro Focus International said it has called off takeover talks after bids for the business fell short of expectations and will now resume a share buyback programme. The firm, which supports mainframe computer applications for companies like Tesco, said in May it was exploring a number of approaches, including from US-based private equity firms Bain Capital and Advent International. "The board set a deadline for final offers of August 19, 2011. Based on feedback now received from these parties, the board has terminated discussions and, as a result, Micro Focus is no longer in an offer period," it said. Earlier this month the firm posted better-than-expected first quarter trading. Last week Micro Focus' shares rose after Hewlett-Packard's bid for Autonomy ignited interest in the industry.