New Europe Property Investments PLC (AIM: NEPI) said all talks regarding a potential offer for Carpathian PLC (AIM: CPT) have been terminated, after Carpathian rejected the initial cash bid and the subsequently tabled share alternative approach.
NEPI announced in April it had approached Carpathian, formerly known as Dawnay Day Carpathian, with a potential offer to acquire the entire issued share capital at a price of €0.20 a share, valuing the company at €46.4 million.
NEPI today reiterated what it said in April, that it reserves the right to make an offer for Carpathian at a lower price with the recommendation of the board of Carpathian. It also reserves the right to vary the offer that may be made.