Collins Stewart Tullett ends takeover talks
Collins Stewart Tullett, which owns interdealer broker Prebon Tullett, called off its takeover talks yesterday, causing its share price to tumble 65p to £5.55 during morning trading on the London Stock Exchange on Thursday.
In October, the broker said the talks had made "good progress" in terms of regulatory issues and due diligence, and described the situation as "satisfactory".
But yesterday Collins announced that the potential offer would not satisfy "shareholders' reasonable expectations about the valuation of the business".
Collins Stewart Tullett did not publicly name the company or group of companies behind the approach.
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