Arcline Investment Management LP said on Wednesday that it will not move forward with a potential takeover offer for Senior plc (LSE:SNR), issuing the announcement in accordance with Rule 2.8 of the UK City Code on Takeovers and Mergers.
However, the firm noted that it may revisit its decision under certain circumstances. These include situations where Senior’s board agrees to engage with another suitor or if a rival bidder emerges.
Arcline identified Advent International Limited and a consortium formed by Tinicum Incorporated and Blackstone Private Investments Advisors as possible third parties whose formal bid announcements could reopen the door for a renewed approach.
The investment group also stated it could reconsider its position if Senior were to announce a waiver of Rule 9 or pursue a reverse takeover under the Takeover Code, or if the Takeover Panel rules that there has been a material change in circumstances.
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