Synchronoss Technologies Inc. (NASDAQ:SNCR) shares plunged on Tuesday after its largest shareholder, Siris Capital Group dropped plans for an all-cash buyout of the company.
Siris still owns about 6 mln shares or a 13% stake in the mobile cloud solutions company.
In active talks with Siris and other interested parties
In a statement, Siris said that it was however it was prepared to consider other forms of a potential transaction.
Synchronoss said it remains in "active discussions" with Siris and other interested parties in a potential deal.
"The Synchronoss board is committed to enhancing value for all shareholders and continues to explore a full range of strategic, operational and financial alternatives, which may include a sale of the company or other transactions," the company said in a statement.
In premarket, its shares were down 28.42% at US$11.99 and later shares tanked almost 40% at US$10.13.