(Reuters) -Britain’s Purplebricks Group Plc said on Wednesday Lecram Holdings, one of its top shareholders, had withdrawn its takeover proposal for the online estate agent and does not intend to make an offer.
Lecram last week proposed 0.5 pence per Purplebricks share in cash, valuing the company at about 1.5 million pounds ($1.9 million).
Lecram said in a separate statement on Wednesday it decided not to proceed with the deal as the financial condition of Purplebricks was found to be “significantly worse” than expected.
Earlier this month, Purplebricks, which was once valued at more than $1 billion, agreed to be bought by Strike for just one pound.
The company, which was launched in 2014, recommended that shareholders vote in favour of the Strike deal at its upcoming general meeting on June 2.
($1 = 0.7923 pounds)
(Reporting by Radhika Anilkumar in Bengaluru; Editing by Shailesh Kuber, Rashmi Aich and Shinjini Ganguli)
