Apple's long-term iPod partner, PortalPlayer, has cancelled its plans to offer more shares, saying the current stock price isn't high enough.

The company revealed its intentions to extend its available shares on October 24. However, these plans have been shelved because the company leaders: "Believe that the current stock price does not reflect the company's market opportunity and future growth prospects for the business", PortalPlayer said in a statement.

"There are three elements to our current growth strategy," said Gary Johnson, president and CEO of PortalPlayer.

"First, our relationships with our leading customers remain strong, as evidenced by the announcement of two dynamic market expanding products that have just begun to roll out to the market. We believe we are well positioned for the year ahead with these customers," he added.

Johnson also hinted that the company has other deals on the table: "Second, our organic growth and diversification strategy is on track, and we expect an additional major market segment for our products to be introduced in the first quarter of 2006," he said.

Johnson confirmed the company to be looking for well-fitting aquisitions, adding that it would "evaluate financing options" again in future.