Select Software has appointed Deloitte & Touche as its administrators after takeover talks with Base Ten Systems failed earlier this week.
The modelling tools company entered into discussions with Base Ten last month (see VNU Newswire, 1 April, 1999), following a refinancing deal at the end of last year to keep itself afloat and rumoured acquisition attempts by both Microsoft and Inprise, formerly known as Borland (see VNU Newswire, 4 September, 1998).
Bernard Fisher, Select's chief executive, said: "The board has been seeking suitable partners for some time and has had discussions with a number of parties seeking a merger or share acquisition of Select. In the end, all of these discussions have proved fruitless due to the uncertainty surrounding the pending class action suit."
He continued: "With the withdrawal of Base Ten Systems, the only remaining candidate for an equity based agreement has disappeared. In order to protect the creditors and company's staff, Select's board of directors has reluctantly taken this step."
Deloitte & Touche has agreed to sell the majority of Select's assets to an as yet unnamed large US publically held software and services company, widely believed to be Computer Associates.
Select also said that its American Depositary Receipts (ADRs), which represent ordinary shares in the company, would be delisted from Nasdaq from close of trading on Friday because it could no longer meet the Exchange's listing requirements.
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