News: CSG abandons takeover talks

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CSG Limited (ASX:CSV) will abandon talks with an unnamed bidder in relation to a $339 million takeover bid launched in September.

The information technology provider decided to abandon talks after deeming the current process won’t result in a deal that is in the best interests of its shareholders.

The offer of $1.20 per CSG share led to a series of talks with the interested parties.

CSG says this process has been costly and disruptive and created uncertainty for its customers.

However the company says it remains confident about its business and is now focussed on its growth opportunities.

In the 2011 financial year CSG boosted its net profit by 26 per cent to $40.5 million.