TowerBrook Capital Partners UK LLP on Friday said it does not intend to make an offer for Team Internet Group PLC.
This follows Tuesday’s announcement by Team Internet, a London-based internet services company, noting a possible offer from the investment manager, co-headquartered in London and New York.
The offer was for 125 pence per share, Team Internet said, a premium of around 37% on Monday’s closing price of 91.00p in London. This valued the company at £315.1 million, and according to Team Internet, matched another offer from Oslo-based private equity firm Verdane Fund Manager AB.
After TowerBrook’s announcement on Friday morning that it does not intend to progress the bid, Team Internet shares dropped 12% to 103.40p each.
The internet services firm noted it had previously rejected approaches from both companies, which were given until February 4 to make firm offers.
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