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SMC Group's talks with third-party investor break down

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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.

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