Cinven not planning to make an offer for Alpha Financial

Alpha Financial Markets tumbled on Wednesday as it said private equity firm Cinven is not planning to make an offer for the financial services company.

The group confirmed at the beginning of May that it had been approached by two parties about a possible takeover.

It said at the time that it had received a "non-binding indicative proposal" from investment firm Bridgepoint Advisers about a potential cash offer.

It also said that Cinven was considering a possible offer, although no indicative offer proposal had been received.

Both parties had until the close of business on 29 May to announce a firm intention to make an offer or walk away.

At 1455 BST, the shares were down 8.2% at 390p.