The latest takeover bid for the Birmingham based Islamic Bank of Britain by its majority shareholder has collapsed.
The scheme by Qatar International Islamic Bank, which owns 88.4 per cent of IBB, was voted down at a shareholder meeting on October 12.
However fellow Islamic bank Marsaf Al Rayan has re-emerged as a potential bidder for IBB after expressing interest earlier in the year and has been given a put up or shut up date of November 12.
The QIIB offer, launched on September 6, valued IBB at £35.5 million.
In June MAR announced that it intended to takeover IBB where it would acquire 70 per cent of IBB shares with the government of Qatar to acquire the other 30 per cent.
Then in August MAR announced that its shareholders had approved a proposal to acquire IBB subject to obtaining a positive financial, business and legal due diligence in addition to approval of the official authorities in the State of Qatar and the United Kingdom.
While the board of IBB has not received a direct approach from MAR, QIIB remain in discussions with MAR regarding the sale of their IBB shares to MAR.
Any purchase of IBB shares which carry 30 per cent or more of the voting rights of IBB would trigger the requirement for a general offer.
MAR has confirmed that if any offer is made it is likely that it would be solely in cash.
Birmingham-based Cattaneo is advising the board of Islamic Bank of Britain.