CVC Capital Partners has withdrawn its offer to buy Intertrust several weeks after proposing to acquire the business for €1.6bn (£1.3bn, $1.8bn).
The firms agreed to enter into exclusive discussions on 12 November 2021 after CVC put forward plans to buy the business and then merge it with its subsidiary TMF Group.
CVC said on 1 December 2021 that “it is no longer in discussions with the company about a potential public offer and a strategic combination with TMF Group”.
The move follows an announcement by Intertrust on 22 November 2021 confirming that it received several M&A offers from unnamed “third parties”.
At the time, it said it was “carefully reviewing and evaluating all aspects of the conditional and non-binding proposals” and the board “will continue to engage in discussions with all parties that have expressed their interest, ensuring a fair and thorough process with the aim to reach the best outcome for the company and all Intertrust’s stakeholders”.
“The company underlines that the outcome of the review and discussions with these parties is uncertain and that there can be no assurance that an agreement will be reached with any party, or any public offer will be launched.”
