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(Sharecast News) - Lumon Acquisitions confirmed on Friday that it does not intend to make an offer for Argentex Group, formally withdrawing from the process under the Takeover Code.
The decision followed an earlier announcement made by both parties on 23 April.
Under the Code, Lumon and any parties acting in concert with it were now restricted from making a further approach for six months, subject to certain exceptions.
That would include scenarios such as the lapse or withdrawal of the existing recommended offer by IFX UK, a competing bid from a third party, or a material change in circumstances as determined by the Takeover Panel.
Lumon said it had reserved the right to return with an offer under the permitted conditions, but for now, it had stepped back from the process.
At 1012 BST, shares in Argentex Group were down 1.58% at 2.52p.
Reporting by Josh White for Sharecast.com.
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