Carlyle says won't be bidding for UK's Chemring
(Reuters) - Carlyle Group (CG.O) said on Wednesday it will not make an offer for British defence equipment maker Chemring Group Plc (CHG.L), just days ahead of the deadline for the private equity company to make a firm bid or walk away.
Carlyle's announcement comes weeks after Chemring replaced its chief executive, raising doubts about a deal, and just days after the maker of flares and explosive device detectors issued a profit warning.
Chemring shares were down 16 percent at 239.22 pence on the London Stock Exchange. (Reporting by Abhishek Takle in Bangalore; Editing by Maju Samuel)
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