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Advanced Medical Solutions shares drop as TA Associates walks away
(Sharecast News) - Shares in Advanced Medical Solutions tanked on Monday after potential suitor TA Associates walked away from a takeover of the wound care firm. After confirming on 18 April that the two parties were in discussions regarding a possible deal, TA released a statement late on Friday to say it "does not intend to make an offer".
"TA is grateful for the engagement with the AMS board and management team and would like to thank them for their time and consideration of this potential transaction," TA said.
Under Takeover Panel rules, TA cannot make a future offer for AMS for six months unless there is a material change in circumstances or unless it has the agreement of AMS's board, along with other restrictions.
Responding to the news on Monday, AMS said: "The board of AMS remains confident in AMS' standalone prospects and strategy which it believes will continue to deliver sustainable growth and value creation for shareholders."
The stock was down 17.7% at 203.5p by 1109 BST, sinking back down to levels seen a month earlier before takeover speculation drove shares to a multi-year high of 272p.
See the latest RNS on Investegate.
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