Tullow Oil tumbled on Tuesday after Kosmos Energy said it does not plan to make an offer for the oil and gas exploration company.
Source: Sharecast
Kosmos did not provide any reasons for its decision, saying simply that it does not intend to make an offer "at this time".
Shares in Tullow surged last week after it confirmed it was in preliminary talks with Kosmos about a potential takeover.
Kosmos had until on 9 January 2025 to either announce a firm intention to make an offer or walk away.
At 1105 GMT, Tullow shares were down 8% at 21.44p.
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