Amsterdam tech firm Bird has withdrawn its bid to take over CM.com, following CM’s rejection of its offer in mid November.

“Bird is proud to be a Dutch company and the Netherlands will continue to be central to our plans. We’ve decided to focus on growing independently here and look forward to sharing more later,” the company said in a website statement on Sunday evening.

Bird launched the unexpected move to acquire its Breda-based rival CM.com for €5.16 per share in cash — a 20% premium on the firm’s most recent closing price at the time.

CM.com’s board rejected Bird’s proposal, saying the offer undervalued the company and provided too little “tangible and material long-term value” for its customers, employees and shareholders.

The offer came less than a year after Bird founder Robert Vis announced plans to move operations abroad, blaming “over-regulation and a bad climate for tech companies.”

Dutch News has asked Bird if Vis still plans to move much of the company outside Europe, as he stated in February.