Alto Intermediary Group headed by Cobra boss Steve Burrows is still in the running

Steve Burrows Cobra

Towergate has pulled out of the bidding for Cobra, according to an announcement this afternoon on the London Stock Exchange.

Insurance Times reported last month Towergate and Alto Intermediary Group Ltd, the acquisition vehicle formed by current Cobra chief executive Steve Burrows (pictured), were competing to buy Cobra.

Earlier this month Cobra extended the deadline for a firm offer to 28 May 2012 to enable the potential bidders to complete their due diligence.

Towergate said it has decided not to proceed with its offer for Cobra after careful consideration.

Following Towergate’s announcement, Cobra’s board revealed that talks were ongoing with Alto which could lead to an offer for the company.

Alto and its financial backers said they had completed most of their pre-acquisition enquiries and a further announcement would be made in due course.

Cobra’s market capitalisation is £9.1m.