11th Apr 2025 09:54
(Alliance News) - Niox Group PLC on Friday said it has discontinued its private sale process as prospective suitor Keensight Capital SAS backed away from a potential deal.
Niox is an Oxford, England-based developer of medical devices for asthma diagnosis and management.
The firm saw it shares slide 22% to 54.80 pence on Friday morning in London, as European growth buyout investor, Keensight Capital, said it does not intend to make a firm offer for Niox "in light of the current macro-economic backdrop."
In March, Niox said it was minded to recommend a revised 81 pence per share takeover proposal from Keensight, should the firm give a firm intention to make an offer.
This improved offer followed a previous unsolicited proposal in February at an offer price of 78p per share.
Niox on Friday noted Keensight's decision and said that it has discontinued the private sale process given the macro-economic backdrop. It said that at this time, it does not think it will yield an optimal outcome for all shareholders.
The firm added that 2025 trading has started well, with sales growth in the first quarter of 18%, with net cash at March 31 of GBP15.4 million. This compares with net cash of GBP10.9 million at December 31.
By Christopher Ward, Alliance News reporter
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