Estate agent LSL Property Services PLC (LON:LSL) has dropped plans to bid for rival Countrywide PLC (LON:CWD).
No reason was given for the change of heart though Countrywide said its performance has softened “in recent days” due to the impact of coronavirus.
READ: LSL Property Services and Countrywide confirm merger talks
Agreed sales in January and February were ahead of expectations thanks to a “positive mood swing” in public sentiment, the property services group added.
Countrywide’s turnaround plan also helped trading at the start of the year.
Shares plummeted 40% to 98p on Monday morning.