Appen (ASX:APX), an Australian software company, recently confirmed that U.S.-based Innodata (ASX:INOD) has chosen to withdraw a non-binding indicative purchase proposal.

This statement came just days after Appen had released news of the proposal comprised of A$0.70 worth of Innodata shares for each share of Appen, calculated at an increase of over 100% of Appen’s share price at the time the indicative proposal was provided.

Appen, however, declined to reveal the actual value of the proposed offer or when the proposal was extended due to matters of confidentiality.

Further, Appen has reported that Innodata has pulled out from the Indicative Proposal since it was meant to remain confidential.

Appen is an Australian language, search, and social data provider specialized in the development of human-annotated datasets for machine learning and artificial intelligence.