TEAM has withdrawn its takeover bid for UK AIM-listed firm Tavistock Investments after a shareholder and board alliance representing more than 50% of voting rights rallied around the firm.

In an announcement dated 20 April 2021, the board of TEAM stated it had "not been able to fully engage with the board of Tavistock" and was no longer proceeding with its possible offer.

"As a consequence, the board of TEAM believes that other growth and acquisition opportunities are more compelling at this time and in the best interest of its shareholders to pursue," it said.

The decision comes a day after the Tavistock board rallied 35% of its shareholders, in addition to its 16% stake, to submit letters of intent stating they would reject any offer from TEAM.

TEAM had managed to convince 15.03% of the Tavistock shareholders, including Novia co-founder Bill Vasilieff and former Tavistock employee Peter Horbye, to write letters of intent to the opposite effect, which spurred the retaliatory action.

First published by our sister title Investment Week