US suitor ditches bid to buy the British tech firm GB Group


US private equity suitor ditches bid to buy the British technology firm GB Group

Shares in tumbled after US predators abandoned plans to buy the British technology firm.

The stock fell 18.4 per cent, leaving the fraud prevention specialist valued at just £1.3billion – after Chicago-based private equity group GTCR walked away from takeover talks without lodging a bid.

The move came four weeks after GTCR revealed it was considering making an offer that could have valued GB at more than £1.6billion.

GB Group shares fell 18.4% after Chicago-based private equity group GTCR walked away from takeover talks without lodging a bid

In a statement after the private equity group said it would not be making a bid, GB said it held ‘early stage discussions, but agreement could not be reached on terms’. Sources said GTCR had disagreed with the GB board over price in the past week amid volatile market conditions and fears of a global recession.

One of its main concerns was whether GB could maintain customers in the face of a significant economic recession.

Cheshire-based GB provides fraud protection technology for corporations.

The Mail on Sunday reported last month that GB had also attracted attention from other private equity firms including Advent International, Hg, KKR, Cinven and Permira. 

Sources said growing concerns about the global economy meant they had also stopped their pursuit.

Read more at DailyMail.co.uk