UK-based medical device company Niox Group has suspended its sale process after private equity suitor Keensight Capital withdrew its takeover interest, citing deteriorating macroeconomic conditions, according to a report by Reuters.
The Paris-headquartered firm had made a revised, non-binding proposal in March to acquire Niox for 81 pence per share, reprsenting an equity vauation of £345.8m, up from its initial 78 pence per share offer. At the time, Niox indicated a willingness to recommend the deal to shareholders, pending the submission of a firm offer.
However, a sharp escalation in global economic uncertainty – including market volatility spurred by US President Donald Trump’s new wave of tariffs – has prompted Keensight to step back. The withdrawal underscores growing investor caution, particularly toward sectors vulnerable to cyclical pressures and global trade disruptions.
The Bank of England this week warned that the UK, with its open economy and heavy reliance on financial services, remains especially exposed to global shocks.
Niox confirmed it had also been in talks with other interested parties, but none have advanced to formal bids.
