Regis Resources (ASX:RRL) has confirmed it has withdrawn its bid to acquire 100 per cent of Capricorn Metals (ASX:CMM).
The proposal by Regis was at a price of 11.4 cents per Capricorn share, and was subject to a number of conditions including a Capricorn board recommendation along with the support of key Capricorn shareholders.
Regis yesterday notified Capricorn that one of Capricorn's key shareholders had advised that it will not support Regis' proposal.
Regis has also advised that while it has no intention to initiate further discussions, it reserves its right to make a further proposal to Capricorn in the future.
Shares in Regis Resources (ASX:RRL) are trading 0.27 per cent higher at $3.73