UK’s Marlowe walks away after Restore rebuffs $1 billion takeover bid By Reuters

(Reuters) – British business software provider Marlowe Plc on Tuesday dropped its pursuit of Restore Plc, weeks after the office services provider rejected its 743-million-pound ($1 billion) takeover bid.

Marlowe said that while it still thought a combination would have been “strategically compelling”, it would not make a new offer as it was not able to arrive at financial terms for the deal suitable to its shareholders.

“We were delighted to have received such strong support from our shareholders through this process,” Restore Non-Executive Chairman Martin Towers said in a separate statement. “(We) are committed to generating sustainable long-term value for them and all of our stakeholders.”

($1 = 0.7222 pounds)