Wincanton has abandoned a potential £233m bid for rival TDG, leaving the door open to the other possible bidder Laxey Partners.
The logistics giant and the private equity firm were given until 20 June by the Takeover Panel to make an offer.
Since April, Wincanton had undertaken preliminary due diligence with the assistance of TDG’s board.
A statement from Wincanton says: “Wincanton has concluded that it is not in the best interests of Wincanton shareholders to proceed with
an offer for TDG and has informed the board of TDG of this decision.
“Wincanton accordingly confirms that it has no intention of making an offer for TDG at this time”.
In February Laxey - which owns about 22% of TDG's issued share capital - made an indicative cash offer of 275p per TDG share.
Last month, Wincanton revealed its intention to make an indicative cash offer for TDG at 281.25p per ordinary share, or 290p when the dividend of 8.75p is included.
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