BRITISH engineering firm FKI yesterday abandoned its fight for Newman Tonks Group, clearing the way for US rival Ingersoll-Rand.
FKI said it was allowing its hostile £195.7 million sterling bid for the British building products group to lapse, just two days after Ingersoll-Rand unveiled a £230 million offer, which was recommended by Newman's board.
FKI said Newman had given it confidential information after Ingersoll-Rand's bid, but added that the information contained nothing to justify raising its offer.
"Having carefully studied the confidential information supplied to us, it is clear that a higher offer would not create sufficient value for our shareholders, and we have therefore decided to lapse our offer," FKI chairman Mr Jeff Whalley said.
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/VR3765MFOBH2NMV2QNICYDF67M.png)