BRUSSELS, March 18 (Reuters) - Belgian holding company Punch International said late on Monday that it had decided not to proceed with its bid for real estate holding Accentis after shares in the latter had risen in value.
Punch said in November that it had offered to buy the whole of Accentis for 1.25 euro cents per share in cash or by offering one Punch share for every 550 in Accentis.
Since the sale of its graphics business Xeikon in September, Punch has become little more than a holding company of Accentis, in which it already has a 47.59 percent stake. Its offer was to remove what was in effect a double listing.
Punch said on Monday that the proposed offer, particularly the price, no longer had any chance of success. Accentis shares closed on Monday at 1.50 euro cents.
Accentis’s 2013 results showed that it owed Punch International 27.7 million euros ($38.58 million) at the end of December. ($1 = 0.7180 Euros) (Reporting By Philip Blenkinsop)