RWS Holdings PLC on Monday backed its growth plans after Baring Private Equity Asia Fund VIII Ltd said it does not intend to make a takeover offer for the technology-enabled language services provider.

Shares in RWS were down 19% at 360.40 pence in London on Monday morning. The stock closed at 351.80p on April 20, the day before Baring Private Equity Asia confirmed it was in the early stages of considering a possible offer for RWS.

Baring Private Equity Asia, in a statement on Monday, said its decision not to proceed ‘is not a reflection of its views on the RWS business’.

RWS noted that Baring Private Equity Asia’s interest was unsolicited and did not result in a proposal being made.

‘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.

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