COLUMBIA, S.C. - Electronic Data Systems Corp. of Plano, Tex., said it has abandoned its offer to buy Mynd, a financial services software company, clearing the way for Welsh, Carson, Anderson & Stowe to proceed with a lower bid.
Mynd, which until recently was known as Policy Management Systems Corp., also reported an operating loss for the third straight quarter. The company said it posted an operating loss of $16 million on revenues of $148.3 million in the first quarter.
American Banker reported on May 10 that Mynd has been hit with at least 11 suits this year by clients, competitors, and shareholders.
EDS withdrew its offer, for around $18 to $20 a share, after completing due diligence, the company said in a statement. Welsh Carson has agreed to pay $14 a share for Mynd.