CVC consortium not planning to bid for Network International

CVC Advisers and Francisco Partners Management said on Monday that they do not plan to make an offer for payments firm Network International.

Network announced in mid-April that it had received a preliminary and conditional proposal from the consortium about a possible takeover offer.

However, later that month the firm said it had received a highly preliminary rival 400p a share cash offer from Canada’s Brookfield Asset Management and last Friday, Network agreed to be taken over by Brookfield in a £2.2bn deal.