LONDON (ShareCast) - (Sharecast News) - Shares in RWS Holdings fell sharply on Monday, after a takeover approach failed to result in an offer.
The Aim-listed tech firm, a specialist in language services, received an unsolicited approach from Hong Kong-based Baring Private Equity Asia Fund VIII (BPEA) last month.

But RWS said that no proposal had been forthcoming, and the private equity firm was now no longer considering a possible offer.

As at 1300 BST, shares in RWS had fallen 19% at 358.2p.

RWS said: "The board believes the company has a strong future based on its clearly defined strategy...which includes accelerating organic growth, capitalising on a simplified technology portfolio, driving operational leverage and enhancing growth returns.

"The company is focused on the actions and investments which support this strategy and its five-year accelerated growth plan."

BPEA said its decision not to proceed with an offer was "not a reflection of its views on the RWS business", according to Reuters.

Russ Mould, investment director at AJ Bell, said: "RWS couldn't be happier, judging by the tone of its response to the news. It has a plan to grow and seemingly would rather do this on its own, than as part of a private equity empire."

Under the Takeover Code, BPEA had until 19 May to make a firm offer for the firm or to walk away.

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