NEW YORK (dpa-AFX) - U.S. private equity firm Blackstone is no longer interested in a potential takeover of German advertising and media group Ströer, according to sources. Blackstone has withdrawn from an investor group led by I Squared that had been exploring an acquisition of Ströer, Bloomberg News reported on Tuesday, citing people familiar with the matter. Ströer shares subsequently slumped by as much as 10 percent to 34.70 euros.
According to a Bloomberg report in early May, the I Squared consortium was considering a bid of approximately 2.5 billion euros for Ströer. This would have valued the company's stock at around 45 euros per share. I Squared is now weighing its next move, Tuesday's Bloomberg report stated, citing people familiar with the matter. Deliberations are ongoing, and there is no certainty that an offer will be made.
Representatives for Blackstone and I Squared declined to comment. Ströer was not immediately available for comment, according to Bloomberg./jha/zb
