Private equity heavyweight Apax has bailed on its takeover bid for Kin and Carta after it was outbid by a rival.
In a stock exchange notice today, Apax said that its offer for a takeover of the digital transformation company formerly known as St Ives has lapsed.
The private equity group first bid for Kin and Carta in October, valuing the firm at £203m.
However, Kin and Carta said they were not happy with the valuation, and Apax eventually increased the offer to £220m.
At the end of December, Apax rival Valtech offered £239m for the company, leading Kin and Carta to withdraw their recommendation of accepting the Apax bid.
Valtech is a digital services firm controlled indirectly by funds advised by BC Partners, a London-based international investment firm.
Last month, Apax said it would not be returning with an increased offer, and the timeframe for it to return with a higher bid expired on Friday.
The move left the door open for Valtech to move ahead with its offer for the company.
Kin and Carta is currently valued at £228.8m on the London Stock Exchange, though its stock price has jumped 35 per cent over the last six months as bids have rolled in.