UK - UK private equity firm Candover Investments has confirmed that talks over its sale to a Canadian pension fund have broken down after three months.
Candover was first approached by an unamed company, which sources claim was the Alberta Investment Management Corporation, in April, four months after it was forced to shut its £2.5bn (US$4bn) leveraged buyout fund.
Candover Partners shut the fund in January after its publicly traded unit,Candover Investments, cancelled a £844m pledge to invest in the pool amid a cash shortage.
A statement released by the company today said: "On April 27 2010, the board of directors of the company announced that it had received an approach from a third party that may or may not have led to an offer being made for the company.
"The board now announces that following a request to the potential offeror to clarify its position, the potential offeror has confirmed to the company it is
no longer considering making an offer, and that all talks have been terminated.
Consequently the company is no longer in an offer period under the Takeover
Alberta Investment Management Corporation was separated from the state's Department of Finance to manage public monies including the province's C$26.95bn (US$25.5bn) of pension fund assets as a stand-alone entity in 2007.
The company was unavailable for comment.
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