Today's FT confirms that Vinci has abandoned its bid for TBI, as less than the required 90% of shareholders accepted the 90p a share cash offer by the closing date on Monday.
The FT also claims that the TBI Board is under fire for leaving it too late to alter its previous rejection of the bid to a recommendation to shareholders to accept the Vinci terms.
The change of heart only came about on Thursday afternoon and it is perceived that this was too late for some shareholders to accept the Vinci offer.
With the shares now standing at 45p last night will another bidder now appear? Vinci can not mount another hostile bid for 12 months under the rules of the Take Over Panel, although an agreed bid would be allowed.
I'm sure Warwick Hunt will be pleased to know that the Marshallers at Luton have cancelled their order for onions and striped tee shirts!!
