SAO PAULO (Reuters) – Brazilian software company Totvs said on Thursday it has decided to withdraw from the competitive process to buy StoneCo’s unit Linx, according to a securities filing.
Totvs did not provide further details on the decision.
Citing sources, Reuters reported that payment firm StoneCo was unimpressed by the six non-binding offers it had received so far for Linx, its software unit.
Earlier this year, Totvs said it was still studying whether to present a binding offer for Linx, which Totvs had tried to buy in 2020 before it ended with StoneCo.
(Reporting by Andre Romani; Editing by Chris Reese and Sarah Morland)
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