March 20, 2019 / 12:19 AM / a month ago

Australia's McMillan Shakespeare calls off Eclipx takeover bid

March 20 (Reuters) - Administrative services provider McMillan Shakespeare Ltd on Wednesday called off its A$911 million ($645.7 million) takeover of peer Eclipx Group following a dismal trading update from Eclipx.

McMillan said it did not believe it would be possible to complete the proposed scheme with Eclipx and declined to extend the April 30 end date.

In its trading update for the first five months of fiscal 2019, Eclipx said its net profit for the period had plunged 42 percent. It also declined to provide updated full-year earnings guidance, citing uncertainties in its operating environment.

Eclipx also noted that McMillan had rejected its request to extend the end date for the takeover, and said that it was unlikely to proceed.

$1 = 1.4108 Australian dollars Reporting by Ambar Warrick in Bengaluru; Editing by Stephen Coates

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