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Talk America Hit on Dropped Bid

Sun America won't offer $9 a share.
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Talk America (TALK) fell 11% Monday after possible bidder Sun Capital withdrew a tentative bid.

Sun had indicated last month it might be willing, given appropriate due diligence, to pay $9 a share for New Hope, Pa.-based Talk America. Talk had agreed earlier to an $8.10-a-share deal with Cavalier Telephone.

But Talk America said Monday that Sun America decided not to make a definitive offer after an extensive review of Talk America information and personnel.

Talk America said it will pursue the Cavalier deal and defend itself against some shareholder lawsuits filed in connection with the deal.

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Shares fell 98 cents to $7.82.