Shares in British waste disposal company Shanks Group plunged nearly 20% this morning after its chief executive said that it has walked away from talks of a buyout by private equity investor Carlyle.
Shanks Group ended the talks with Carlyle after if offered 120p per share - much less than the 150p Shanks had been expecting.
Adrian Auer, the chairman of Shanks, said: "Carlyle has failed to offer a price which in the view of the board properly reflects the value of the group."
Shares in Shanks, which is in the FTSE 250, were down 19.4% at 97p earlier this morning.
