VAR Northgate Information Solutions has formally terminated any discussions with a third party that may have led to its acquisition.
Earlier this month, CRN reported that Northgate had received several acquisition offers, one of which was believed to include a multi-million pound offer from private equity firm General Atlantic Partners.
However, according to a statement published on the VAR's website last week, Northgate stated that any discussions in relation to a potential acquisition approach had now been terminated.
Shares in the VAR fell immediately after the announcement. The VAR's share price also fell in December after its head office was burnt down by an explosion at an oil refinery north of London.
Last week, CRN reported that Northgate had won a contract with Humberside Police to provide it with an upgrade to its existing fixed penalty technology, as part of a Speed Awareness Scheme (CRN, 23 October).
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