Top shareholder withdraws bid for Gulf Marine Services

Oil and gas services firm Seafox, which holds nearly 21% percent in London-listed GMS, did not disclose a reason for scrapping the bid

  
Investors speak as they monitor stocks at the Abu Dhabi Securities Exchange

Investors speak as they monitor stocks at the Abu Dhabi Securities Exchange

REUTERS/Stringer .

Seafox International on Thursday dropped its takeover proposal for Abu Dhabi-based oilfield industry contractor Gulf Marine Services (GMS), which rejected the bid earlier this month saying it undervalued the company.

Oil and gas services firm Seafox, which holds nearly 21% percent in London-listed GMS, did not disclose a reason for scrapping the bid, which valued GMS at $32 million. 

(Reporting by Shanima A in Bengaluru; Editing by Maju Samuel) ((shanima.a@thomsonreuters.com; Direct: +91 7760347399;))

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