News

U.S. private equity fund Advent has decided for the moment not to go ahead with its takeover bid for Italian credit data provider Cerved after news of its offer was leaked to the market, Cerved said in a statement on Monday.

The leaked bid boosted Cerved’s share price, making the outcome of the bid uncertain in Advent’s view, Cerved said. After Monday’s statement, the stock tumbled 15 percent.

A source familiar with the matter has said any bid could value the Milan-based business at about 1.8 billion euros ($2.02 billion).

Last week, Cerved confirmed its board had received on Feb. 13 from Advent International Corporation a non-binding letter in relation to a possible transaction involving Cerved shares.

Advent is increasingly focusing on publicly listed companies that it deems undervalued.