Carlyle calls off Chemring bid talks

US private equity firm Carlyle has confirmed it will not make a bid for troubled defence equipment group Chemring, after extending the deadline twice.

Chemring, which first received a “highly preliminary expression of interest” from Carlyle in August, issued a profit warning last week, sending its shares to a six-year low.

The FTSE 250 defence services group last month replaced chief executive David Price with former John Wood Group executive Mark Papworth with immediate effect, to better prepare the company for its future with or without Carlyle.

Shares closed down 4.76 per cent yesterday at 258p.