McKay Securities PLC suitor Slate Asset Management LP on Tuesday said it does not intend to make an offer for the property firm.

The Toronto-based private equity firm had signalled interest in a possible offer for McKay towards the end of last month, giving it until April 20 to announce a firm intention of an offer or walk away. On Tuesday, it announced it did not intend to make an offer.

As of March 29, the McKay board continued to recommend the £272 million cash-and-shares offer from real-estate investment trust Workspace PLC, which was announced earlier in March.

A shareholder vote on the Workspace offer is scheduled for April 27.

Shares in McKay closed down 0.7% to 295.00 pence each in London on Tuesday. Workspace closed down 1.6% to 695.50p each.

Copyright 2022 Alliance News Limited. All Rights Reserved.