Private equity bidders First Reserve Corporation and Texas Pacific Group have abandoned their £1.5bn bid plans for Amec, after the engineering firm refused to open up its books.
Amec shares fell almost 3% to 419p on the news. Last month it rejected their informal £1.5bn approach, which was worth 450p a share, saying it undervalued the company.
"The consortium now confirms that, in light of the board's refusal to provide due diligence access, it will not be making an offer for Amec at this time," the two private equity firms said in a joint statement.
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