Private equity firm Permira has withdrawn its rejected bid for HMV Group, which had valued the music-to-books retailer at £845.4m sterling.
Permira said it was 'disappointed' at last week's decision by the HMV board to turn down its cash offer. 'Permira is disappointed at the response of the board and believes that the revised 210-pence-per-share proposal represented a compelling proposition for the shareholders of HMV,' the group said in an official statement to the London Stock Exchange today.
'Accordingly, in light of the board's response, Permira has decided not to proceed,' it added.
In reaction, HMV's share price sank 5.25% in late afternoon trade in London.
