LONDON (Alliance News) - Medical devices manufacturer Consort Medical PLC said Tuesday it does not intend to make an offer for industry peer Carclo PLC.
Carclo shares were down 20% at 93.69 pence each on Tuesday morning following the news. Consort Medical shares were up 0.4% at 1,138.00 pence each.
"Further to meetings between Consort and Carclo, and after careful consideration, the board of Consort has determined that the proposed transaction would not deliver the required benefits in a reasonable timeframe and it is therefore not in the interests of its shareholders to continue with a non-binding proposal for Carclo," Consort said in a statement.
In response to Consort's withdrawal, Carclo said it remains highly confident in its prospects and standalone strategy.
Carclo earlier in July rejected an initial merger proposal from Consort Medical, which subsequently submitted a revised offer for Carclo.