Enterprise data management company Informatica is not currently in talks to be acquired, the company said on Monday, after earlier reports suggested Salesforce was interested in a roughly $10 billion deal.

Informatica shares slumped more than 7% on the news, while Salesforce shares rose around 1%. The acquisition would have been Salesforce’s largest acquisition since the 2021 deal to purchase Slack.

The negotiations broke down after the two sides could not come to an agreement on terms, The Wall Street Journal previously reported. Salesforce had been discussing a bid in the mid-$30s per share, people familiar with the matter told the Journal.

“Our business fundamentals continue to be very strong and we look forward to discussing our first quarter financial results and outlook on May 1,” Informatica CEO Amit Walia said in a statement.

Informatica’s two largest shareholders, Canada’s Pension Plan and private equity firm Permira, control more than 75% of outstanding shares and would have had to bless any deal. Salesforce’s investors also reacted negatively to the idea of the deal, sending shares down more than 7% when news of the potential purchase first broke.

Salesforce CEO Marc Benioff’s voracious appetite for mergers and acquisitions was one of the factors that drew a flurry of activists in 2023, which sought to rein in the company’s spending.

Elliott Management, Inclusive Capital, Starboard Value and ValueAct all had been campaigning for changes at the enterprise software company.

In response, Salesforce dismantled its M&A board committee and turned its focus to re-hiring departed talent. It also implemented deep layoffs. Benioff also recruited ValueAct’s Mason Morfit to the board.

The rumored talks suggest that Salesforce’s M&A aversion may be tempering, Gordon Haskett analyst Don Bilson wrote in a Monday note.

“Since early last year, Benioff has been on a diet that includes no meaningful M&A, and this episode tells us that he’s ready to do some snacking,” Bilson wrote.