Cambridge-based IFA Group 300 is set to renew its bid for network Burns Anderson after Tenet's decision to quit the race.
The 564-RI network has been up for sale for more than two years. Negotiations with Tenet began in June to buy the entire ordinary and A ordinary share capital but it is now unable to progress.
Tenet group commercial director Peter Lane says the group has pulled out of the deal for internal reasons and was “disappointed at the turn of events”.
But Group 300 chief executive Chris Batten says he plans to renew his efforts to buy the network. Batten registered an interest in Burns in August but discussions stalled at the due diligence stage following an aggressive bid by Tenet.
Batten says: “We started negotiations as part of our plans to grow our firm but the process did not go much further. The impression we were given was that it was a done deal. We will certainly be making another offer very soon.”
Burns Anderson chief executive Ian Parsons says: “The cessation of talks will free up more time for the directors and allow us to focus on driving the business forward following a fantastic turn-round. As a public company, we are under obligation to take any future interest seriously.”