IFG Group has announced that it will not now proceed with a takeover approach announced last week.

In a statement to the Irish Stock Exchange, the financial services firm said it would not take the approach any further “due to the highly conditional nature of this proposal”.

Shares in the financial services firm fell following the announcement.

This follows a sharp fall in trading on Monday, after the company reiterated the preliminary nature of the approach.

IFG Group announced the takeover approach on Friday, saying it may or may not lead to its entire share capital acquired.

At the time it said the approach was conditional and preliminary in nature, however shares in the firm rose by 24% following the news.