.
Retail Food Group Ltd (ASX:RFG) has abandoned its $94 million bid for debt laden Oaks Hotels & Resorts Ltd (ASX:OAK).
The company has terminated a bid implementation agreement after a defeating condition was triggered last week, when rival bidder Mintor International Public Company was granted approval to boost its stake in Oaks.
Accordingly, Retail Food says its takeover for Oaks will not proceed given the defeating condition being triggered.
However, the franchisor of The Donut King and Brumby’s Bakeries says it will continue to focus on acquisitions and to investigate a number of opportunities within the retail food franchising industry.
In the first six months of the 2011 financial year, Retail Food Group reported a net profit of $13.6 million.
