UK enterprise resource planning (ERP) software provider K3 Business Technology Group Plc (LON:KBT) said on Tuesday it had put an end to its formal sale process without recommending an offer to the company’s stockholders.

Although K3 received a number of indicative proposals, the company could not pick one as it considers all of the offers to be at a level unacceptable to shareholders, it said. For this reason, K3 had decided to cancel the sale process with immediate effect.

The company launched the process at the start of March 2012 with the goal of collecting indicative bids until 27 March. By that deadline, it got several indicative proposals and later provided the potential offerors with further access to management and detailed information. K3 then planned to announce a recommended bid during July, but at the end of the month it said it was still holding talks with interested parties.

K3, which was set up in 2001, specialises in supplying, installing and supporting Microsoft-based ERP software, primarily serving mid-tier retailers, manufacturers and distributors. The company operates through four divisions, namely Managed Services, Manufacturing, Retail UK and Retail Europe, according to information on its website.