Shares in Forth Ports sank over 11 per cent on the FTSE 250 today after it said that a consortium made up of Arcus Infrastructure Fund, Peel Holdings Limited and RREEF Infrastructure, would not be putting in a takeover bid for the company.
The Consortium originally said it was considering an offer on 5 March and indicated last month that the takeover price tag would be in the region of £640 million at 1,400 pence per share.
A deadline of 17:00 on 1 June 2010 was set by the Takeover Panel for the Consortium to make a final bid or to walk away.
Forth Ports said that the Consortium is unable to justify a higher bid "in light of the current economic uncertainty".
By 13:58 shares in Forth Ports were down 11.14 per cent to 1,133.00