Gamma Communications (LSE:GAMA) shares fell more than 2% on Thursday after Dutch private equity firm Waterland confirmed it would not make an offer for the UK telecommunications services provider.
The decision removes the prospect of a competing offer from Waterland as Gamma progresses with its agreed £1.02 billion takeover by private equity firm Epiris.
Gamma shareholders are due to vote on the Epiris transaction on October 20.
Waterland Withdraws From Potential Offer
Waterland had previously been working with UK telecommunications provider Giacom Group on a possible counter-offer for Gamma.
The two companies ended their cooperation on September 11, after which Waterland remained able to consider making an independent proposal.
The UK Takeover Panel had set an October 13 deadline for Waterland to either announce a firm intention to make an offer or confirm that it did not intend to bid.
Waterland confirmed its decision not to proceed ahead of that deadline.
Epiris Takeover Heads to Shareholder Vote
With Waterland no longer considering an offer, Gamma’s agreed £1.02 billion transaction with Epiris remains scheduled to be put to shareholders later this month.
The proposed acquisition remains subject to the shareholder vote on October 20.
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