A takeover move for a Liverpool-based specialist integrated credit hire business has collapsed and an international management firm said it does not intend to make a bid for the company.
The proposed deal was first revealed in June when Anexo Group said the approach from major shareholder and asset manager DBAY was for a possible cash offer for the entire issued shares of the company, for 150p per share.
At the time, the AIM-listed company said DBAY had to announce a "firm intention" to make an offer by July 21.
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However, DBAY has now confirmed that it will not table a bid for Anexo.
Anexo Group provides replacement vehicles to drivers involved in accidents, with offices in Liverpool, Bolton and Leeds.
An Anexo statement said: "As confirmed on 23 June 2021, the Board had granted DBAY due diligence access with a view to making a possible offer for the company.
"While the structure of the possible offer was not confirmed, it was also noted that the status of Alan Sellers, executive chairman, and Samantha Moss, managing director Bond Turner, as joint offerors to DBAY's possible offer was under consideration.
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"Since that time, discussions with DBAY have not led to an offer which, in the view of the board, reflected the value of the company, and which the board therefore would have felt able to recommend to shareholders.
"The board confirms that the consideration of Alan Sellers and Samantha Moss as joint offerors to DBAY's possible offer has now ceased.
"Furthermore, the board also confirms that this due diligence access and all offer discussions have been terminated. The board can confirm that the company is no longer in an offer period."
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Anexo has also confirmed its overall trading since the start of June has been "slightly ahead of management expectations".
Mr Sellers said: "The group's activities continue to accelerate as 海角视频 lockdown measures ease, especially with the imminent release of pent-up case settlements as the 海角视频 Courts system begins to open.
"Cash collections remain consistently high and, with road users increasing, the number of vehicles on the road is reaching record levels."
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"The group's relationship with DBAY has been amicable throughout our lengthy discussions and DBAY remains a supportive shareholder.
"Saki Riffner remains a non-executive director of the group, and along with the rest of the board I look forward to working with DBAY to continue to deliver value and growth for all our shareholders."