Gamma Communications slumps as Providence abandons pursuit

(Sharecast News) - Gamma Communications slumped on Wednesday after Providence Equity Partners said it does not plan to make an offer for the telecommunications services firm. Gamma announced in May that it was in talks with Providence about a possible takeover bid. Two days later, the company said it was also in talks with Epiris and in June, the two interested parties said they had formed a consortium.

However, Providence said on Wednesday that it was no longer part of the consortium.

At 1116 BST, the shares were down 7.7% at 812.0p.

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