Quark Drops Attempt to Acquire Adobe

Quark Inc. said it dropped its bid to acquire rival Adobe Systems Inc., the top maker of desktop graphics software, after Adobe declined to discuss a friendly transaction. Closely held Quark, which makes publishing and desktop design software, made public on Aug. 25 an unsolicited offer to acquire San Jose-based Adobe. Adobe quickly rejected the offer, saying it preferred to remain independent and didn’t see any advantages in joining with Quark. Denver-based Quark said that pursuing a hostile takeover wouldn’t benefit customers or shareholders of either company. It also didn’t want to incur the expense of a protracted legal battle. Quark did not disclose the price it was willing to pay for Adobe, which has a $1.9-billion market value. Adobe shares rose 50 cents to close at $28.50 on Nasdaq. Quark announced its bid withdrawal after U.S. stock markets closed.