The widely reported talks between trading platform Plus Markets and project Turquoise concerning a take over by the Turquoise came to an end last week after the companies failed to reach agreement.
Although Plus Markets never confirmed the identity of the third party that had approached it regarding a take over, it was understood to be Turquoise, which was created by some of the world's leading investment banks.
A deal would have seen Project Turquoise become an exchange with a trading platform in the form of OMX. The cancelation of talks means Project Turquoise will continue to look for a technology partner.
"Following continuing detailed discussions, the board has concluded that the transaction as envisaged would not deliver sufficient benefits to all of the company's existing shareholders. Accordingly, discussions with the third party have been terminated and the company has today requested that its ordinary shares be restored to trading on AIM," said a Plus Markets statement.
Plus Markets added, "The company did not publicly confirm the identity of the third party with whom it was in discussions. However, given the widespread press coverage about their identity, you will understand that the board's reservations about the transaction must have been extremely serious to have walked away from such a high-profile deal."
A spokesman at Turquoise said the project has always had more than one option for its technology, but added that the speculation surrounding Plus Markets and its OMX platform was unavoidable. "It is regrettable that Plus Markets had to issue a statement and stop shares being issued. We have always had a dual track strategy to choose our technology platform," said the spokesman.
Trading platform provider Cinnober is being mooted as an option for Turquoise.