Paragon shares slumped almost 15% this afternoon after the mortgage company rejected a proposed 125p per share takeover.
The company says it had been in discussions with a number of interested parties over the last few weeks, with the board receiving one firm cash offer.
However, Paragon says it does not consider the deal to be acceptable and has told the proposed bidder it will not pursue the matter any further.
Paragon also says it has terminated the other current discussions.
“The board does not believe that these discussions are likely to result in an offer being forthcoming which it would consider to be acceptable,” the statement reads.
Paragon shares slid 14.74% to 81p on Monday.
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