TEAM withdraws takeover bid after Tavistock rallies opposition

In an announcement dated 20 April 2021, the board of TEAM stated it had "not been able to fully engage with the board of Tavistock" and was no longer proceeding with its possible offer. "As a consequence, the board of TEAM believes that other growth and acquisition opportunities are more compelling at this time and in the best interest of its shareholders to pursue," it said. The decision comes a day after the Tavistock board rallied 35% of its shareholders, in addition to its 16% stake, to submit letters of intent stating they would reject any offer from TEAM. Minority of Tavistoc...