Buyout firm Candover Investments has ended talks with potential acquirers, and that it looked set to meet key debt covenants thanks to cost cuts and disposals.
Candover, which revealed it had received takeover approaches in March, said talks with would-be buyers had ended as none of their proposals “had sufficient certainty and value to shareholders to justify further consideration.”
The company also said it was confident that it would meet covenants attached to its 2014 loan notes, helped by £36.2m in proceeds from the sale of energy research firm Wood Mackenzie earlier this month.
Candover shares closed at 310.5 pence on June 26, valuing the company at about £68m
Reporting by Myles Neligan; editing by Matthew Scuffham