US investment group Cain Hoy has droppes its potential bid for Tottenham Hotspur. The group, backed by Guggenheim Capital, said in a statement to the London Stock Exchange yesterday that after preliminary work on the offer it has ‘subsequently terminated its assessment and is consequently no longer making an offer for Tottenham.’
US investment group Cain Hoy has droppes its potential bid for Tottenham Hotspur. The group, backed by Guggenheim Capital, said in a statement to the London Stock Exchange yesterday that after preliminary work on the offer it has ‘subsequently terminated its assessment and is consequently no longer making an offer for Tottenham.’
Its statement means that the group cannot return with an offer for Spurs for another six months. No explanation was given of why they decided not to pursue a bid, but it is possible that the reported asking price of nearly £1 billion was judged to be too high.
However, the group has not ruled out reviving the bid. Its statement said, ‘As a consequence of this announcement, Cain Hoy will, except with the consent of the takeover panel, be bound by the restrictions on making an offer for Tottenham Hotspur contained in Rule 2.8 of the UK Takeover Code for six months from the date of this announcement. However, Cain Hoy reserves the right to make an offer in the circumstances set out in Note 2 of Rule 2.8 of the UK Takeover Code.’