(Alliance News) - CVC Advisers Ltd and Francisco Partners Management Ltd on Monday said it no longer intends to make a takeover offer for Network International Holdings PLC.
The consortium said the this followed on from Network International's announcement on Friday that it has agreed to a takeover from entities backed by Toronto-based private equity firm Brookfield Asset Management Ltd.
Brookfield will pay 400 pence per Network International share, a 64% premium to Network International's 243.6p share price at the close of play, the day before the Middle East and Africa-focused payments provider first received buyout interest.
Under the proposal from CVC Advisers and Francisco Partners, Network International shareholders would have received 387p per share.
In April, Network received a "non-binding" takeover proposal from CVC and Francisco.
The consortium had offered to pay 387p per Network International share. This was a 58% premium to the company's shares closing price of 244.40p on Wednesday, being the last business day before the first announcement was made.
Network shares were 0.2% lower at 382.40 pence each on Monday morning in London.
Xindi Wei, Alliance News reporter
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Network International (NETW)