4th Nov 2015 09:11
LONDON (Alliance News) - Business technology and services provider Xchanging PLC on Wednesday said investment manager Apollo Global Management LLC has pulled out of talks to make a bid for the company, leaving it with the lower offer it had already agreed with outsourcer Capita PLC.
Xchanging agreed to a GBP412.0 million takeover by Capita in October, valuing it at 160.00 pence per share, but said it was still holding talks with Apollo about a possible higher offer of around 170.00 pence per share.
It said on Wednesday, however, that Apollo has now said it will not make a bid for the company.
Xchanging shares were down 5.7% to 158.5 pence on Wednesday, one of the worst performers in the FTSE All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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