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LONDON (Alliance News) - James Halstead PLC said on Tuesday it does not intend to make an offer for specialist flooring firm Airea PLC.
This concludes the series of discussions between the two companies that started in April.
In response, Airea said that the initial approach from James Halstead was "unsolicited and the discussions between the two parties did not reach agreement on potential terms for any offer".
"The significant changes made to the group and the increased investment in a successful commercial flooring business provide significant opportunities for growth and we look forward with confidence to delivering value for shareholders as an independent company," Airea said in a statement.
Shares in James Halstead closed up 2.9% at 420.00 pence; while Airea shares closed down 3.6% at 58.30 pence on Tuesday.