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Abano Healthcare's key shareholder Masthead said its partial takeover bid for 38.85 per cent in the clinical services provider has lapsed.
The Stewart-family controlled investor - which offered $5 a share - last week said it was contemplating a full takeover bid after Australian private equity house Crescent Capital Partners announced intentions to buy the whole company for $5.20 a share.
Masthead's stake since making its bid in October went from 19.9 per cent to 22.1 per cent last week. Abano's board of directors deemed the investor's offer to be low.
Abano's shares fell 4 cents to $5.01 at 1pm local time.
