Drinks group C&C has said that it does not intend to proceed with an offer for the Spirit Pub in the UK.
In a statement, C&C said that "a combination with Spirit no longer meets the group's risk adjusted return criteria".
In October, Spirit rejected a takeover approach from the cider maker.
It then agreed to a takeover by Greene King, the pub and restaurant group that brews Old Speckled Hen and Abbot Ale. The deal valued the group at £774m.
C&C, which makes cider under the Bulmers and Magners brands, said in October that it hoped to use Spirit's network of 1,200 pubs to improve its access to English drinkers.
