Chinese cable maker Xinmao announced on Thursday it is pulling out of its bid for Dutch peer Draka.
Xinmao said there is not enough time to make a competing bid against the Italian group Prysmian, according to news agency ANP. Counter bids must be in by February 3.
The Chinese company made a €;20.50 cash offer while Prysmian has bid €17.20 in cash and shares. Draka has already endorsed the rival offer.
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