(Reuters) -Google-parent Alphabet has abandoned its plans to buy online marketing software company HubSpot, Bloomberg News reported on Wednesday, citing people familiar with the matter.
HubSpot shares fell nearly 12% in afternoon trading while Alphabet shares were up 1.2%.
In April, Reuters had reported, citing sources, that Alphabet was in talks with advisers about making an offer for HubSpot.
Alphabet had communicated its interest in a potential deal with HubSpot earlier this year, but the sides didn’t reach a point of detailed discussions around due diligence, the Bloomberg report said.
Google and HubSpot did not immediately to Reuters requests for comments.
(Reporting by Harshita Mary Varghese; Editing by Shailesh Kuber and Alan Barona)
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