Private equity firm Oakley Capital said on Friday it does not intend to make an offer for Gamma Communications, dropping out of the race for the British telecoms firm.
Gamma in May said it is in preliminary talks with PE firm Epiris, and separately, a consortium led by Oakley and Giacom, on a potential takeover. Here are more details:
Gamma’s shares dropped 6% on the news.
Oakley said it was acting alone on a potential offer and was never in concert with IT service provider Giacom.
Gamma Communications did not immediately respond to a Reuters request for comment.
The telecom company disclosed in early April that it was in preliminary discussions with a number of interested counterparties for a potential sale.
Gamma is among a growing list of British firms attracting private equity interest as subdued stock valuations make them appealing buyout targets.
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