Dutch software company Bird has said it will not pursue a hostile takeover of industry rival CM.com after its €166 million acquisition bid was rejected by the CM.com board.

A hostile takeover would allow Bird to bypass CM.com’s management and approach shareholders directly, but Bird chief executive Robert Vis told news agency ANP he has no intention of taking that route.

“I’m not planning to force myself on a company where I’m not welcome,” Vis said. “That has never been my way of doing business.” He added that Bird’s offer remains unchanged.

Both Bird and CM.com provide communication platforms that allow businesses to contact customers via channels such as WhatsApp and SMS. Bird said the combined company would form “a leading AI-first platform integrating customer data, marketing, support and payments across all channels”.

However, CM.com’s board rejected Bird’s proposal, saying the offer undervalued the company and provided too little “tangible and material long-term value” for its customers, employees and shareholders.

The offer comes less than a year after Vis announced plans to move operations abroad, blaming “over-regulation and a bad climate for tech companies.”