French firm Oberthur has ditched plans to takeover banknote printer De La Rue after its latest approach was rejected.
Paris-based Oberthur, which increased its proposal from 905p to 935p a share over the weekend, said it pulled its indicative bid in the face of “the continued refusal of the board of De La Rue to engage in meaningful discussions”.
De La Rue, which has been plagued by the fall-out from production problems earlier this year, said the offer – valuing the firm at £926 million – undervalued the company.
Shares in the printer plunged 15% after news of Oberthur’s withdrawal.
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