Top investor Railpen walks away from UK's IP Group (updated)
UPDATE 1-Top investor Railpen walks away from UK's IP Group Adds details and background throughout
July 27 (Reuters) - Railpen, the largest shareholder in Britain's IP Group IPO.L, said on Monday that it does not intend to make another offer for the early-stage science investor as the companies could not agree on a mutually acceptable proposal.
Here are some details:
London-based Railpen had tabled two proposals for IP Group in the last two months, which were both rejected on valuation grounds.
The latest bid had valued IP Group at up to £730 million ($974.84 million).
"The Board appreciates the engagement and effort from Railpen and its partners and is disappointed that a mutually acceptable outcome could not be reached," IP Group said in a statement.
Railpen, which manages more than £34 billion in assets for railway pension schemes, holds an 18.4% stake in IP Group.
($1 = 0.7488 pounds)
(Reporting by Yamini Kalia in Bengaluru; Editing by Sonia Cheema)