UK - ACP abandons Davenham deal

In a statement, ACP said that the tough market conditions were likely to be challenging for Davenham's business model and that it would therefore not be in the interests of its shareholders to press ahead with a deal based solely on public information. ACP currently has a 29% holding in the business, which was built up through the acquisition of shares on the open market for as much as 338p a share. Reports suggest that any buyout bid would have had to at least equal that price, valuing the group at in excess of £85m. Since speculation surrounding a takeover began in November, Davenham's share price has tumbled, closing on 207.5p yesterday.

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