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(Sharecast News) - Niox Group announced the termination of its private sale process on Friday, after Keensight Capital confirmed it would not proceed with a formal offer for the company.
Keensight's decision cited the current macroeconomic environment as the reason for stepping back.
Following the withdrawal, Niox's board concluded that continuing the sale process would not be in shareholders' best interests under current market conditions.
The AIM-traded firm said the process was thus being discontinued with immediate effect.
Despite the strategic shift, Niox highlighted a strong start to the year, reporting 18% sales growth in the first quarter of 2025.
The company said it held £15.4m in net cash as at 31 March, adding that it would provide a further trading update at its annual general meeting scheduled for 14 May.
At 1038 BST, shares in Niox Group were down 19.47% at 56.69p.
Reporting by Josh White for Sharecast.com.
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