Mapeley has confirmed it has ended takeover discussions with an un-named suitor, sending its shares plummeting 14.3%.

The UK property investment and outsourcing company had been in talks for over a month. After receiving a takeover approach at the end of February, the company appointed Lazard & Co.

The identity of the bidder was reported to be Mapeley’s controlling shareholder Fortress Investment Group, however, this was not confirmed by either party.

Mapeley’s chief executive, Jamie Hopkins, said the termination of talks would not distract the company from day-to-day management of its business.

Our robust business model and the resilience of our income streams position us well to continue to deliver consistent returns, he said.

Mapeley currently owns and manages a property portfolio comprising 2.4 million square metres and worth over £2.2 billion.

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