Brazilian software company Totvs announced on Thursday its withdrawal from the bidding process to acquire Linx, a unit of StoneCo, as stated in a securities filing. Totvs did not disclose additional details regarding this decision.
According to Reuters sources, StoneCo had been evaluating offers for Linx, its software unit.
Previously, Totvs had expressed interest in making a binding offer for Linx, a company it had attempted to acquire in 2020 before the sale to StoneCo was finalized.