Adaptec Unit to Pull IPO Filing

Adaptec(ADPT Quote), a computer storage products maker, said its software products unit Roxio is withdrawing its filing for an initial public offering.

The company filed for the IPO with the Securities and Exchange Commission last September.

Adaptac said the withdrawal "will provide Roxio with the flexibility to consider a variety of options, including re-entering the public markets when market conditions improve, or pursuing other strategic opportunities.''

On Dec. 1, Adaptec postponed Roxio's IPO, citing unfavorable market conditions.

Shares of Adaptec closed at $12.13 in Nasdaq trading, but fell to $11.81 in after-hours activity on Island.