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
"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.
Should your business invest in a VoIP phone service?
Here's what you need to know about VOIP (voice over IP) services before landlines go digital in 2025.
By David Prosser Published
M&S is back in fashion: but how long can this success last?
M&S has exceeded expectations in the past few years, but can it keep up the momentum?
By Rupert Hargreaves Published