Bovis proprietor Atlas has pulled the plug on a takeover bid for bricks and supplies large Brickability.
The US private-equity agency made a cut-price 65p-a-share money provide final month which was rapidly rejected by the AIM-listed provider, now branded BRCK.
Each side continued talks however Atlas has now walked away after “a 90-minute assembly with the CEO of BRCK at which restricted additional data was provided.”
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The agency added: “The restricted data provided, and the restricted administration entry granted within the timeframe out there was not ample and has not enabled Atlas to finish the thorough due diligence required.”
As a confrontation broke out BRCK countered: “So as to set up whether or not Atlas was ready to enhance its proposed provide worth, the Board offered Atlas with entry to due diligence supplies, together with a administration presentation on the Group, entry to an information room and conferences with senior administration.
“The info room contained intensive data on the Group, together with detailed enterprise and monetary data, in response to requests from Atlas. The Board provided to supply additional conferences with senior administration along with extra data on the enterprise, which Atlas determined to not take up.
“The Board has been suggested by its monetary advisers that the knowledge and degree of entry offered to Atlas was considerably in extra of that which might be customary in these circumstances.
“The Board sees no advantage in an open-ended engagement with a counterparty that isn’t ready to place ahead a worth that the Board believes, after session, can be enticing to shareholders.
“The Board didn’t obtain any revised proposal from Atlas. As an alternative, as set out in its announcement immediately, Atlas voluntarily determined to disengage. The announcement made by Atlas immediately doesn’t mirror the intensive and constructive engagement that the Board has offered during the last 4 weeks.”
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