OFFSHORE marine group Ezion Holdings has terminated a bid to buy 45.15 per cent of the enlarged share capital of mainboard-listed Ocean Sky International.

The failed bid involved a reverse takeover (RTO) plan by Ezion, which wanted to inject its marine supply base business in Australia - Ezion Offshore Logistics Hub - into Ocean Sky. The latter has interests ranging from construction and civil engineering to property management.

In a statement yesterday, Ezion said the reverse takeover would have resulted in "protracted timings" and all sides had agreed to terminate discussions relating to the plan. It added that because of conditions pertaining to the share subscription not being met, the deal had lapsed.