LONDON (Alliance News) - Charles Taylor PLC on Monday said it has decided against pursuing the acquisition of a life insurance business it had flagged earlier this month, saying it has concluded the deal does not meet its financial criteria for acquisitions.
The company launched a rights issue earlier this month to raise GBP30.6 million to back future acquisitions.
In its statement Monday, the insurance professional services company said that had the deal gone ahead, it would have required the approval of shareholders and would have required a further financing deal separate from the rights issue.
Charles Taylor said it is still running the rule over a number of other potential acquisition opportunities, all of which would cost in the region of GBP5 million to GBP10 million.
Shares in Charles Taylor were down 3.7% to 221.45 pence on Monday morning.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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