Atlas Holdings Ends BRCK Group Takeover Attempt
The U.S. private equity firm Atlas Holdings has withdrawn its bid for BRCK Group after being denied further access to company data. BRCK shares fell 13.6%.
The proposed acquisition of BRCK GROUP PLC has collapsed after the potential buyer, United States-based private equity firm Atlas Holdings, announced it no longer intends to make an offer for the United Kingdom-based construction materials supplier. The decision follows a dispute over the level of access granted to the company's internal records and management team.
Following the announcement, shares of the Bracknell-headquartered firm plummeted 13.6% to 45.45 pence. This market reaction comes after a period of tension between the two entities, which began in March when the target company rejected an initial 65-pence-per-share proposal. At the time, the board argued the offer fundamentally undervalued the business.
