Outsourcing group, Serco, has dropped its bid for the takeover of U.S. security, defense and health services company, SRA International, Financial Times reports. Serco’s $2 billion offer was earlier rejected by SRA.
Serco had planned a $800.3 million rights issue, underwritten by UBS and Bank of America Merrill Lynch, to finance the bid. UBS was acting as the advisor to Serco on the SRA sale.
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Click here for the additional coverage from The Telegraph.