(Reuters) – U.S. private equity firm Carlyle and Metro Bank have agreed to end talks about a possible takeover offer for the British lender, the Nasdaq-listed group said on Thursday.
“The board continues to strongly believe in the standalone strategy and future prospects of Metro Bank,” the lender said in a separate statement noting Carlyle’s announcement.
Neither company gave any reasons for the negotiations falling through.
Metro Bank announced the takeover approach from Carlyle earlier this month, sending its shares as much as 31% higher.
Shares in Metro Bank had slumped around 57% since Feb 2020 as it and other mid-sized lenders struggled with low interest rates and competition.
Metro Bank has been working to turn around its fortunes after a major accounting error in 2019 forced out its top bosses and led to a significant share price fall.
(Reporting by Muvija M in Bengaluru and Carolyn Cohn in London; Editing by Shailesh Kuber and David Evans)
