Commercial real estate firm Segro confirmed its planned takeover of warehouse firm Tritax EuroBox has collapsed.
It comes after Canadian asset manager Brookfield outbid Segro in a bid to buy Tritax EuroBox.
Brookfield said last week that it will nevertheless sell around 470 million euro (£392.5 million) of former Tritax property assets to Segro.
On Monday, Segro said that its all-share takeover deal for Tritax, which it agreed in early September, “has lapsed”.
FTSE 100 firm Segro, which specialises in logistics warehouses, had struck a deal to buy its rival for around £552 million.
The all-share deal valued each Tritax share at 68.4p. Including debt, the offer values Tritax at around £1.1 billion.
It came after Brookfield said in June that it was in the early stages of considering a cash offer for Tritax.
The Canadian firm came back to the table last month, improving upon its rival’s bid to strike a 1.44 billion dollar (£1.14 billion) deal in total to buy Tritax.
Analysts had suggested the move could start a bidding war between the two suitors.
However, last week Brookfield said it had agreed to sell about 30% of Tritax EuroBox’s portfolio to Segro, indicating that Segro had given up on its efforts to purchase the whole company.