(Reuters) - GKSD Investment Holding said on Monday it does not intend to make an offer for NMC Health (L:NMC), days after the UAE-based hospital operator was relegated from London's bluechip index (100:FTSE).
GKSD, backed by sponsors of Italy's Gruppo San Donato, in February confirmed that it was in the preliminary stages of considering an offer for NMC.
NMC shares have dropped dramatically since December when U.S. based short-seller Muddy Waters questioned its financial statements.
The troubled company said in February it received preliminary buyout approaches from private equity firms KKR & Co Inc (N:KKR) and GK Investment.
But KKR said it had not made a proposal or discussed any possible offer for the London-listed company.
NMC said earlier this month it would ask for an informal debt standstill to stabilise its finances and confirmed that it had hired Moelis (N:MC) to advise it in talks with banks.
Last year, NMC was also the target of two groups, one backed by China's Fosun, looking to buy a 40% stake in it.