April 23 (Reuters) - Atlas Holdings said on Thursday it has no intention to bid for UK construction materials supplier BRCK Group after it was denied sufficient access to company information and
BRCK Group takeover bid collapses as Atlas cites insufficient due diligence
Atlas Holdings Withdraws Takeover Bid for BRCK Group
April 23 (Reuters) - Private equity firm Atlas Holdings said on Thursday it has no intention to bid for UK construction materials supplier BRCK Group after it was denied sufficient access to company information and management ahead of a takeover code deadline.
Shares of the Bracknell-based BRCK slumped as much as 18%.
Due Diligence Concerns and Bid Withdrawal
U.S.-based Atlas said BRCK provided only limited due diligence materials through a virtual data room and a 90-minute meeting with its chief executive in April, which was limited and insufficient.
Request for Additional Information
The PE firm had requested further diligence information and an extension to the deadline under UK takeover rules, before BRCK's board indicated it would not grant more time to table a bid, forcing it to walk away.
BRCK Group's Response to Atlas Holdings
BRCK said on Thursday it had given Atlas access to extensive due diligence materials to assess whether it would improve its proposed offer.
Offer of Further Meetings
The company said it had offered further meetings and additional information, which Atlas chose not to pursue.
Rejection of Atlas' Proposal
BRCK had rejected a 65-pence-per-share proposal from Atlas in March, saying it fundamentally undervalued the company.
Statement to Reuters
In an emailed response to Reuters, BRCK said Atlas' announcement did not reflect the extensive and constructive engagement that the board has provided over the last four weeks.
BRCK Group's Financial Outlook
Separately, BRCK said it expects adjusted core profit for 2026 to rise 4.4% to about 52.3 million pounds ($70.59 million), and its revenue to grow 1.2% to around 645.0 million pounds.
($1 = 0.7409 pounds)
(Reporting by Yamini Kalia, Simone Lobo and Aatrayee Chatterjee in Bengaluru; Editing by Shilpi Majumdar)
