(Reuters) – Niox Group has halted its sale process after suitor Keensight Capital withdrew its interest in making a buyout offer due to challenging macroeconomic conditions, the British medical device maker said on Friday. In March, Paris-based private equity firm Keensight proposed acquiring Niox Group for 345.8 million pounds ($452.4 million), or 81 pence per […]
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UK medical devices group Niox halts sale after Keensight backs out
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(Reuters) – Niox Group has halted its sale process after suitor Keensight Capital withdrew its interest in making a buyout offer due to challenging macroeconomic conditions, the British medical device maker said on Friday.
In March, Paris-based private equity firm Keensight proposed acquiring Niox Group for 345.8 million pounds ($452.4 million), or 81 pence per share – higher than its initial bid of 78 pence per share.
However, the escalating trade war sparked by sweeping tariffs from U.S. President Donald Trump’s administration has disrupted the global order and increased the likelihood of a recession.
The UK remains particularly vulnerable to the fallout as an open economy with a large financial sector, the Bank of England warned this week.
Niox had said in March that while it was in discussions with other potential parties interested in making an offer, it was inclined to recommend Keensight’s proposal to its shareholders, pending a firm offer.
($1 = 0.7643 pounds)
(This story has been corrected to fix the deal value to 345.8 million pounds from 22.4 million pounds, in paragraph 2)
(Reporting by Raechel Thankam Job in Bengaluru; Editing by Janane Venkatraman)