Nuance (NUAN) Ramps After Saying It Won't Bid for M*Modal (MODL)

August 8, 2012 12:23 PM EDT
Shares of Nuance Communications, Inc. (Nasdaq: NUAN) are rallying today as investors find comfort in the fact that the company will not submit a bid for M*Modal (Nasdaq: MODL)

In a statement in an 8-k filing this morning the company said: "Further clarifying its answer to a question received on its quarterly conference call yesterday, Nuance Communications, Inc. confirms that it has no plans to submit a proposal to acquire MModal Inc."

M*Modal is currently in an agreement to be acquired by One Equity Partners for $14 per share, and speculation has been rampant that Nuance will submit a sweeter bid.

Shares of NUAN are up 6.5 percent, while MODL is down 1.5 percent.

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