(Bloomberg) -- Cerved Group SpA said Advent International Corporation doesn't plan to proceed with a possible takeover bid on the Italian credit manager and adviser.
Advent decided against proceeding with the offer after Cerved's share price rose amid speculation on the bid, which Cerved confirmed last week, the Italian company said in a statement Monday.
“The increase in the share price after the press release related to market rumors made the transaction uncertain,” the statement said. “Advent has at the present time decided to not proceed with the transaction.”
Cerved failed to set an opening price in Milan trading and was indicated down 13 percent as of 9:26 a.m. The stock was up about 25 percent percent since February 12, the day before the non-binding offer was launched.
To contact the reporter on this story: Sonia Sirletti in Milan at ssirletti@bloomberg.net
To contact the editors responsible for this story: Dale Crofts at dcrofts@bloomberg.net, Jerrold Colten, Ross Larsen
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