Regis has pulled out of talks with Grainger Trust a week after mounting a fresh bid for the residential property investor.
Last Wednesday the Southend-on-Sea based residential property company confirmed it had been joined by privately-owned property company, the William Pear Group, to make an approach to Grainger.
This followed the rejection of an unsolicited approach of 670p a share, valuing the company at £885m, from Regis and Merrill Lynch.
The consortium was believed to be willing to submit an offer pitched at around 680p a share but after the market shut yesterday the private property firm announced it no longer planned to bid for the company.
Grainger closed down 12.5p at 668.5p and has dropped to 641.75 this morning.
References: EGi News 26/10/06
