Team Internet Group shares sink as bidder backs out

(Sharecast News) - Online marketing and web services firm Team Internet Group has revealed that one of the two parties that approached the firm regarding a possible takeover this week has walked away, causing shares to sink sharply on Friday. The stock jumped by almost a third on Tuesday following the announcement that both TowerBrook Capital Partners and Verdane Fund Manager had approached the company, with each proposing a price of 125p per share - a 37% premium to Monday's closing price of 91p.

TIG said it was "considering both approaches with its advisers" and that the potential suitors had until 4 February to 'put up or shut up.

However, New York-based TowerBrook has now backed out, saying it doesn't intend to make an offer.

TIG's shares were down 11% at 104.8p after hitting a high of 118p earlier in the week.