(Alliance News) - Nano-materials firm Nanoco Group PLC on Wednesday said a formal sales process has not led to any formal takeover offers for the company.
Shares dropped 48% on Wednesday morning in London, reaching 12.99 pence each. A year ago, the stock traded above 50p.
Manchester-based Nanoco announced the sales process in November, and said a month later a number of potential buyers were invited to begin talks and conduct due diligence.
"Nanoco confirms it has not to date received any firm proposals that, in light of the current market environment, it believes would lead to an offer for the company from such parties and discussions with certain of them have now been terminated," Nanoco said Wednesday.
"The company is continuing to engage with a number of parties to establish whether they are prepared to make such a proposal."
The sales process is ongoing, and Nanoco also will be looking at other options such as additional funding from elsewhere.
The company is currently in dispute with South Korean electronics giant Samsung Electronics Co. In February, it filed a patent infringement lawsuit in Texas against Samsung.
The lawsuit claims infringement of Nanoco's unique synthesis and resin capabilities for quantum dots.
By George Collard; georgecollard@alliancenews.com
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Nanoco (NANO)