Rx3 Holdings Ltd on Tuesday confirmed that it does not intend to make an offer for Kinovo PLC.
Kinovo is a London-based property services provider offering safety compliance and sustainability solutions. Its shares were down 5.7% to 53.78 pence each in London on Tuesday afternoon.
Rx3, which is owned by Kinovo’s largest shareholder, had confirmed in August that any offer that it would make would be for at least 40 pence per share.
Kinovo previously had said Rx3 had approached it with a possible offer price of 56p, which it had called ‘at the lower end of the board’s expectation’.
However, on Tuesday, Rx3 said it will no longer make an offer for Kinovo.
It said that it remains concerned over the unresolved and hence open-ended issues that persist with regard to the DCB Kent Ltd construction projects. Rx3 noted the total value of the contracts is £18 million, meaning the provision could prove inadequate.
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