Bank of Ireland has dropped its informal takeover offer for Abbey National after the British home-loan specialist rejected its advances.
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Bank of Ireland chief executive, Mr Mike Soden.
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In a statement released this afternoon , Bank of Ireland said it "notes Abbey National's recent statements in relation to its position on this proposal and accepts that Abbey National's position is unlikely to change."
Bank of Ireland's indicative bid unveiled on Tuesday offered between 90 and 95 new Bank of Ireland shares for each 100 Abbey National shares and about 130 p (2.05 euros, 2.02 dollars) in cash for each target share.
But Abbey National swiftly rejected the offer, citing a "questionable strategic fit between the two groups and limited cost and uncertain revenue synergies."