Fishers International has withdrawn its £84 million takeover proposal for the British-based Hambro Insurance Services group, following Hambro's refusal to discuss or accept the proposal. Fishers chief executive, Mr Kevin Kenny, said it has now formally withdrawn the proposal but strongly rejected claims made by Hambro managing director, Mr Nicholas Page, that it had never formally made an offer or put the necessary finance in place to complete the deal.

"We had solid undertakings for the financing of the deal, both in cash and equity. It is a bit disingenuous to give that impression," Mr Kenny said. He added that he accepted Mr Page's claims that the takeover proposal was "opportunistic", but stressed that the matter was now closed. "We are disappointed that they didn't want to do it, but there will be other opportunities."

Meanwhile, Mr Page said he was "pleased" that the period of uncertainty for the group could now be brought to an end. Mr Page said HIS executive directors were unanimously of the view that the proposals would adversely affect the group.

The proposal involved the merger of Fishers and HIS through an offer by Fishers for its entire issued share capital in the form of cash and shares. The offer valued the ordinary shares at 128.7p and the entire company at £84 million.