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(Alliance News) - RWS Holdings PLC on Monday backed its growth plans after Baring Private Equity Asia Fund VIII Ltd said it does not intend to make a takeover offer for the technology-enabled language services provider.
Shares in RWS were down 19% at 360.40 pence in London on Monday morning. The stock closed at 351.80p on April 20, the day before Baring Private Equity Asia confirmed it was in the early stages of considering a possible offer for RWS.
Baring Private Equity Asia, in a statement on Monday, said its decision not to proceed "is not a reflection of its views on the RWS business".
RWS noted that Baring Private Equity Asia's interest was unsolicited and did not result in a proposal being made.
"The board of RWS believes the company has a strong future based on its clearly defined strategy...The company is focused on the actions and investments which support this strategy and its five year accelerated growth plan," RWS said.
By Lucy Heming; lucyheming@alliancenews.com
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