Towergate Partnership Co Limited announced that it has decided not to proceed with an offer for Cobra Holdings plc. (CBRA.L).
On 3 April 2012, Cobra had announced discussions which may or may not lead to an offer for the whole of Cobra's issued share capital referring to Towergate and another party as potential offerors.
On 1 May 2012, Cobra had announced that the deadline for a firm offer announcement had been extended with the Takeover Panel's consent to 28 May 2012 to enable the potential offerors to complete their respective due diligence investigations.
Following the announcement by Towergate, COBRA Holdings announced that talks are continuing with Alto Intermediary Group Limited which may or may not lead to an offer for the whole of COBRA's issued share capital.
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