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Vesuvius gives up Morgan Advanced pursuit after being rejected

Reuters - UK Focus

Dec 1 (Reuters) - Vesuvius Plc (Other OTC: CKSNF - news) said it had decided not to make an offer for Morgan Advanced Materials Plc (Other OTC: MCRUF - news) after the latter's board rejected an initial proposal by Vesuvius without any discussions.

Vesuvius, a maker of ceramic moulds and lining for steelmakers and foundries, said on Monday that it had made a preliminary proposal to the board of Morgan Advanced over the past month for an all-share merger between the two.

Morgan Advanced makes carbon and ceramic-based high-temperature insulation products.

Vesuvius shares closed down 0.4 percent at 416.3 pence on Friday, while Morgan Advanced's stock closed up 0.3 percent at 291.8 pence. (Reporting by Esha Vaish in Bangalore; Editing by Gopakumar Warrier)