Piedmont withdraws interest in M&B
Piedmont, which currently owns a 22.8% stake in M&B, had indicated a possible bid of 230p per share and was given a 'put up or shut up' deadline of 17 October.
In a statement, Piedmont said: "In response to the market movement in the price of M&B shares, Piedmont announced on 12 September 2011 that it had presented a proposal to the Board of M&B regarding a possible offer for the entire issued share capital of M&B.
"After careful consideration, Piedmont has decided not to proceed with an offer for M&B. Piedmont will remain an active and engaged shareholder in the company."
Piedmont's initial bid was widely seen as a move to buy M&B 'on the cheap'.
