Autodesk Is Said to Drop Pursuit of Software Firm PTC (1)

Autodesk Inc. is no longer pursuing an acquisition of PTC Inc., people familiar with the matter said, which would have ranked as one of the year’s largest deals.

The software provider has decided to shelve its work on a potential cash-and-stock deal for PTC, according to the people, who asked not to be identified discussing confidential information. Shares in Autodesk have fallen more than 10% since July 8, the day before Bloomberg News reported it was considering an acquisition of PTC.

Autodesk shares closed at $280.39 in New York on Friday, giving it a market value of about $60 ...