Towergate pulls out of Cobra deal

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The discussions between the two parties were first confirmed on 3 April along with the fact that Alto Intermediary Group, a company set up by current chief Cobra CEO Stephen Burrows, was also looking at buying the whole company.

According to market speculation Towergate's potential all cash offer at the time valued Cobra at 18p a share, just over £6.5m for the whole company.

On 1 May Cobra announced that the deadline for a firm offer announcement had been extended to 28 May to enable the

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