Private equity firm calls off bid for Nottingham software company

Private equity firm Astorg has pulled out of any bid for Nottingham-based software developer Ideagen.

Astorg was first identified as a potential bidder for Ideagen earlier this month, along with fellow private equity firm Hg.

Hg has since tables a £1.06bn offer for the firm, while Astorg remained in discussions with the Ideagen board and was granted access to due diligence.

A statement from Astorg this morning said: “Further to the announcements made by Ideagen on 5 May and 9 May in which Astorg was identified as a potential bidder for Ideagen, Astorg today confirms that funds represented by Astorg do not intend to make an offer for Ideagen.”