August 19, 2014 / 9:50 AM / 3 years ago

Biosensors says CITIC PE unit won't proceed with takeover

SINGAPORE, Aug 19 (Reuters) - Biosensors International Ltd said on Tuesday that a private equity unit of CITIC Group has decided not to proceed with its takeover bid of the company.

CITIC Private Equity Funds Management Co., Ltd was reported to be in talks to take over the entire stake of Biosensors, a medical equipment maker with headquarters in Singapore.

"CITIC Private Equity Funds Management Co., Ltd. has informed the company that it has decided not to proceed with any takeover transactions involving the shares in the company at this point of time," Biosensors said in a statement.

CITIC PE already holds an indirect stake of 21.80 percent in the company and is its largest shareholder.

Biosensors' shares have fallen 10 percent so far this year, after a surge in February as takeover talks faded. (Reporting by Rujun Shen; Editing by Matt Driskill)

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