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Bovis owner Atlas has pulled the plug on a takeover bid\u00a0for bricks and materials giant Brickability.<\/p>\n
The US private-equity firm made a cut-price 65p-a-share cash offer last month which was quickly rejected by the AIM-listed supplier, now branded BRCK.<\/p>\n
Both sides continued talks but Atlas has now walked away after \u201ca 90-minute meeting with the CEO of BRCK at which limited further information was supplied.\u201d<\/p>\n
The firm added: \u201cThe limited information supplied, and the limited management access granted in the timeframe available was not sufficient and has not enabled Atlas to complete the thorough due diligence required.\u201d<\/p>\n
As a war of words broke out BRCK countered: \u201cIn order to establish whether Atlas was prepared to improve its proposed offer price, the Board provided Atlas with access to due diligence materials, including a management presentation on the Group, access to a data room and meetings with senior management.<\/p>\n
\u201cThe data room contained extensive information on the Group, including detailed business and financial information, in response to requests from Atlas. The Board offered to provide further meetings with senior management together with additional information on the business, which Atlas decided not to take up.<\/p>\n
\u201cThe Board has been advised by its financial advisers that the information and level of access provided to Atlas was significantly in excess of that which would be customary in these circumstances.<\/p>\n
\u201cThe Board sees no merit in an open-ended engagement with a counterparty that is not prepared to put forward a price that the Board believes, after consultation, would be attractive to shareholders.<\/p>\n
\u201cThe Board did not receive any revised proposal from Atlas. Instead, as set out in its announcement today, Atlas voluntarily decided to disengage. The announcement made by Atlas today does not reflect the extensive and constructive engagement that the Board has provided over the last four weeks.\u201d<\/p>\n