Hydrogen Group has announced that their proposed bid to buy Imprint has now lapsed.

Hydrogen’s board has no plans to review their offer and so according to section 425 of the Companies Act 1985 the acquisition has lapsed.

There has been a bidding war for Imprint. Hydrogen had threatened legal action against Imprint over their failed bid. OPD Group’s offer has also lapsed which leaves Premier Group now holding a 23% stake in Imprint after buying 8.7m shares at 115 pence for Imprint, adding that it has received valid acceptances for 2.58 % of Imprint's issued share capital.

The board of Hydrogen made clear that the dispute referenced in an
Imprint’s announcement on 8 April 2008 has been resolved to both parties' satisfaction.  Due to this Hydrogen will not make any contractual offer to acquire the share capital of Imprint for a year, unless otherwise approved in writing by Imprint. Hydrogen has also agreed to irrevocable undertakings that were still held by it in connection with the planned buy-out.

Ian Temple, executive chairman of Hydrogen, commented: “We remain committed to our proven strategy of further expanding our business and developing our market leading specialist recruitment brands through organic growth. We will continue to apply strict financial discipline in assessing future acquisition opportunities, as and when they arise.  We are well placed to address current market conditions through our diversified business model and our focus on mid level professional recruitment.”