Glendal launched an indicative non-binding proposal in July to acquire Sunbird at a price of A$0.18 per share, representing a 53% premium to the 60-day volume weighted average price of Sunbird's shares prior to the offer.
However, on Thursday Sunbird said Glendal had withdrawn the offer and talks over the proposed takeover had ceased.
Since the offer was made in late July, Sunbird has seen its shares fall amid low oil prices and as of Thursday they were trading for A$0.05
