Palfinger Marine GmbH says has not received acceptances for more than 90% of the shares in TTS, the listed Norwegian marine equipment supplier, on a fully diluted basis and that the offer will not be completed.

“At expiry of the acceptance period, Palfinger had not received acceptances of the Offer exceeding more than 90% on a fully diluted basis, being one of the closing conditions of the Offer as further described in the Offer Document. As a result, Palfinger will not complete the Offer,” Palfinger, which is based in Austria, said in a statement.

“Shareholders in TTS who have accepted the Offer are released from their acceptances, and bondholders under TTS's existing bond loan having entered into separate undertakings towards Palfinger are released from their undertakings,” the company said.