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| Cinven drops takeover bid for web hosting firm Iomart | Cinven drops takeover bid for web hosting firm Iomart |
| (about 1 hour later) | |
| Private equity firm Cinven has pulled out of a takeover bid for cloud computing specialist Iomart. | Private equity firm Cinven has pulled out of a takeover bid for cloud computing specialist Iomart. |
| Last month Cinven subsidiary Host Europe Holdings announced it had made a third approach to the Glasgow-based firm, after two earlier bids were rejected. | Last month Cinven subsidiary Host Europe Holdings announced it had made a third approach to the Glasgow-based firm, after two earlier bids were rejected. |
| But in a statement on Monday, Cinven confirmed it had terminated talks with Iomart. | But in a statement on Monday, Cinven confirmed it had terminated talks with Iomart. |
| It also said it was "no longer considering making an offer". | It also said it was "no longer considering making an offer". |
| Regulators had given the parties until 16 September to conclude talks over a possible bid. | Regulators had given the parties until 16 September to conclude talks over a possible bid. |
| On 19 August Host put forward a possible cash offer for Iomart of 300p per share, valuing the company at about £320m. It followed earlier proposed offers of 275p and 285p. | |
| Senior managers at Iomart had indicated their support for the latest proposal. | |
| Iomart has eight data storage centres in the UK, including Glasgow, London, Manchester and Nottingham. | Iomart has eight data storage centres in the UK, including Glasgow, London, Manchester and Nottingham. |
| In May, Iomart reported revenues climbed by 29% to £55.6m in the year to the end of March, with its hosting business growing by 40% to £44.7m. | In May, Iomart reported revenues climbed by 29% to £55.6m in the year to the end of March, with its hosting business growing by 40% to £44.7m. |
| Adjusted pre-tax profit rose by 37% to £14.6m. | Adjusted pre-tax profit rose by 37% to £14.6m. |