LONDON (Reuters) - British engineer Amec (LSE:AMEC) said on Thursday it will not make an offer for oil and gas construction firm Kentz (LSE:KENZ), after news of an approach emerged last month.
Amec had an approach for Kentz at 565 to 580 pence per share rejected by the board last month and had until September 16 to make a formal bid.
In a statement Amec reiterated that it was on the hunt for acquisitions and that if none were made it would consider a cash return to shareholders.
"Amec continues to see attractive opportunities to extend its geographic footprint in the growth regions, increase the range of services offered to clients, and enhance Amec's position in its markets," the company said.
(Reporting by Stephen Eisenhammer; editing by Keith Weir)