North Sea explorer Ithaca Energy said it had ceased discussions with all parties regarding a takeover of the company.
In March the company's share price surged after it said multiple parties were interested in buying it.
However, Ithaca has decided that the potential offers on the table were not high enough.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"The board has concluded that continuing the current process at this time was unlikely to produce a transaction with financial terms that properly reflect the value of the company, particularly in light of the current volatility in global markets and the short term softening in Brent crude prices," the company said.
"In reaching this decision the board of directors has fully considered the company's current value, its growth potential, the future value that can be delivered to shareholders and the responses of the third parties with whom discussions have been held."
Disappointed investors, who no doubt had hoped for a bidding war, sold out of the stock, pushing it down 29% by late morning on Tuesday.
-
Barclays begins paying up to £100 compensation to customers after banking outageBarclays will pay up to £7.5 million in compensation to customers after its banking services were disrupted by an IT outage
-
Review: Shangri-La Paris – an ode to the world’s best foodNatasha Langan enjoys fine French and Chinese cuisine at the Shangri-La Paris
