Telus International abruptly pulls out of deal to buy Australian company Appen

Telus gave no reasoning for its decision, Appen said

Machine intelligence company Appen says Telus International has backed out of a deal to buy it out.

“This afternoon, Telus informed us that they were revoking their Indicative Proposal. No reasons were given,” Appen said in a press release.

Telus International’s unsolicited proposal saw shares purchased at $9.50 AUD each (roughly $8.61 CAD). Appen received the offer on Wednesday and said the deal was subjected to several conditions. The company abruptly pulled out soon after.

“Following receipt of the indicative proposal, Appen engaged with Telus in good faith through its advisers to better understand the conditions,” the company said.

It’s not clear why Telus International took this position. The company has not made any public statements on the matter.

Updated 05/27/2022 10:33am EST: The article has been updated to clarify Telus International is the company involved in the buyout.

Source: Appen