One of the prospective bidders for digital marketeer Team Internet Group PLC (AIM:TIG, OTCQX:TIGXF) has dropped out with TowerBrook Capital Partners stating today it does not intend to make an offer.
AIM-listed Team Internet disclosed on Tuesday it had received two approaches each worth 125p cash, one from Towerbrook and also one from fund manager Verdane. Both of the offers included an unlisted share element.
Takeover rules mean Towerbrook cannot make an offer for six months unless another bid materialises.