Oakley Capital opts against an offer for UK’s Gamma Communications

Private equity firm Oakley Capital said on Friday it does not intend to make an offer for Gamma Communications, dropping out of the ‌race ⁠for the British ⁠telecoms firm.

Gamma in May said it is in preliminary talks with PE firm Epiris, and separately, a consortium led by Oakley and Giacom, on a potential takeover. Here are more details:

⁠Gamma’s shares ‌dropped 6% on the news.

Oakley said it was ⁠acting alone on a potential offer and was never in concert with IT service provider Giacom.