K3 Business Technology Group says it has sniffed the offers on the table from prospective buyers and didn't like the smell.
The mid-market ERP firm, which has retail software, manufacturing software and managed services units, went public in March that it was reviewing offers from numerous suitors.
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But more than six months later talks have ended and the formal sales process reached a dead end, K3 confirmed today.
"Following extensive discussions the board does not believe the proposals received are at a level that would be acceptable to shareholders and are therefore not recommended by the board".
"The board has therefore decided to terminate the formal sale process with immediate effect," the LSE listed company added.
K3 also reported results for the year to 30 June 2012 with sales up to £68m compared to £52.8m a year ago and operating profit up to £7.35m from £5.8m.
It said turnover across all four units - SYSPRO and Sage, International, Microsoft and Managed Services - was up but the UK operation was beset by "difficult conditions". ®