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Advent aborts acquisition bid for Italy's Cerved Group

Private equity firm Advent International Corp. has dropped its plan to acquire Italian credit data provider Cerved Group SpA.

Cerved said the increase in its share price to €9.60 per share on March 8 from €7.71 per share on Feb. 12, the day preceding the nonbinding offer from the private equity firm, had made the transaction "uncertain."

The target announced March 6, following reports of a potential €1.85 billion deal, that it received a nonbinding letter from Advent on Feb. 13 regarding a potential transaction for its shares. On Feb. 19, Cerved's board resolved to allow Advent to conduct limited due diligence without involving any privileged information.

Advent said that while due diligence, which closed March 6, confirmed that Cerved has "great potential for continuing growth and is led by a strong management team," it will not proceed with a deal at the present time.