SMC Group's talks with third-party investor break down
Talks between SMC Group and an unnamed third-party investor have broken down
Talks between SMC Group and an unnamed third-party investor have broken down.
The news comes less than a week after the practice announced that the wheels had come off on a possible merger with fellow AJ100-listed firm Aukett Fitzroy Robinson.
In a statement to the Alternative Investment Market (AIM), the SMC board said: ‘Further to the announcement made on 12 October 2007 stating that the board of SMC was in ongoing discussions with a private equity-backed third party for a potential offer for the Group, the Board announces that all offer discussions have now ceased.
‘As a consequence, SMC is no longer in an offer period.’
It had been rumoured that SMC’s colourful founder Stewart McColl – who was edged out of the practice in May this year following an unfavourable trading review – was part of the third party trying to buy back his firm.
McColl refused to comment on the board’s announcement this morning.