(Reuters) -Baring Private Equity Asia Fund VIII (BPEA) does not plan to make an offer for RWS Holdings, the Hong Kong-based group said on Monday, weeks after it had indicated interest in the London-listed language services and software firm.
RWS, in its response, said BPEA's interest was unsolicited and did not lead to any proposal. It also expressed confidence in its strategy for growth.
Under British takeover regulations, the Asian private equity firm had until May 19 to make a firm offer for RWS or walk away.
"The Board of RWS believes the company has a strong future based on its clearly defined strategy ... the company is focused on the actions and investments which support this strategy and its five year accelerated growth plan," RWS said in a statement.
BPEA added that its decision to not go ahead with an offer for RWS was "not a reflection of its views on the RWS business".
RWS in 2020 had scooped up an all-share deal with SDL to create the world's largest language services and software company.