Italian eyewear group Safilo has confirmed it will not make an offer to acquire British eyewear company Inspecs Group, ending its involvement in the takeover process. The announcement follows recent developments around a rival bid for the UK-listed firm.

Safilo said it had previously submitted two non-binding cash proposals to acquire Inspecs, including its Eschenbach Group and BoDe assets. Both approaches were rejected by Inspecs’ board, and no agreement was reached.

The decision comes after Inspecs disclosed a separate takeover proposal from Bidco 1125 Limited, which has offered to acquire the company at 84 pence per share. That offer has shifted the competitive landscape and reduced the likelihood of a counterbid from Safilo.

Under the UK Takeover Code, Safilo is now restricted from making another offer for Inspecs for a period of six months, unless specific conditions are met. These include the emergence of a new competing bid or a material change in circumstances.

Safilo had been granted additional time to decide whether to proceed with a formal offer, but has now confirmed it will not pursue the acquisition. Inspecs’ board continues to evaluate the proposal from Bidco 1125 Limited as the takeover process moves forward.