Crescent's bid for Abano off after falling short

Crescent Capital Partners said yesterday its offer for Abano Healthcare had lapsed after falling short of 50.1 per cent on Friday.

The Australian private equity investor had not yet decided whether to make a new offer or walk away, a spokeswoman said.

Crescent Capital got acceptances for 20.2 per cent of shares, including those sent after the deadline, which would have increased its stake to 38.20 per cent. Crescent still holds a 19.7 per cent stake in Abano.