By Kimberly Chin

Autodesk Inc. on Tuesday ended its talks to potentially acquire Australian software firm Altium Ltd.

Altium in June rejected Autodesk's unsolicited takeover proposal on valuation grounds. The initial offer valued Altium's equity at about $3.91 billion and was described by analysts as opportunistic.

"While we did verbally improve our initial proposal, we were unable to agree on the basis to advance discussions. We respect the leadership team at Altium and wish them the best with their business," Autodesk Chief Executive Andrew Anagnost said in a statement.

Write to Kimberly Chin at kimberly.chin@wsj.com

(END) Dow Jones Newswires

July 20, 2021 18:31 ET (22:31 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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