Quill Securities, a subsidiary of bank HBOS, said today it had no plans to make an immediate offer for Quintain Estates.
The stock exchange announcement triggered a 9.6% fall in Quintain’s share price to 818p a share.
Quill said: ‘In response to recent speculation regarding its stake in Quintain, Quill Securities Limited confirms that it has no current intention to make an offer for Quintain.’
However, It said it would still reserve the right to make or participate in an offer if a separate offer for the company was made or if ‘an agreement or recommendation from the board of Quintain is forthcoming’.
In July, Quintain chairman John Plender called for the UK Takeover Panel to impose a deadline on HBOS to end the uncertainty which could have an adverse impact on the company. HBOS was subsequently given until Sept. 10 to make a bid.