Globally expanding IT&T Recruitment Company Talent International has withdrawn its proposed takeover bid for the London-based, international recruitment firm, Nakama Group Plc.
The deal would have seen Talent International, headquartered in Sydney Australia, acquire the entire issued share capital of Nakama Group plc.
Nakama plc specialises in recruitment for the digital technology and marketing sectors and also includes the Higham’s recruitment operation which focusses on the financial services sector.
It is understood that another interested party also withdrew from acquisition discussions.
Talent International’s Chief Financial Officer, Mark Nielsen said that while there were many positives about the Nakama business, Talent International would not be pursing the bid.
“An offer at this particular time was not appropriate and we are officially withdrawing from the process,” he said.
However, Talent International continues to pursue a number of European merger and acquisition opportunities in the ICT and digital sectors.
Richard Earl, Managing director of Talent International confirmed Talent International is currently reviewing two other opportunities on the table.
“One opportunity provides a broader UK offering, across multiple locations, whilst the other prospect is another digital specialist based out of London with a full global network,” he said.
Earl is optimistic about the prospect of European expansion for the group.
“With a gradual emergence from the harshest of recessions there are no doubt tremendous opportunities for those prepared to invest,” he said.