Citic unit not in bid for Biosensors

BIOSENSORS International Ltd said yesterday that a private equity unit of Citic Group has decided not to proceed with its takeover bid of the company.

Citic Private Equity Funds Management Co Ltd was reported to be in talks to take over the entire stake of Biosensors, a medical equipment-maker with headquarters in Singapore.

"Citic Private Equity Funds Management Co Ltd has informed the company that it has decided not to proceed with any takeover transactions involving the shares in the company at this point in time," Biosensors said in a statement.