Integrafin, parent company of platform Transact, has released a Stock Exchange announcement this afternoon stating that it now has “no intention” of making an offer for rival Nucleus Financial Group.

Integrafin says it may change its position and make a bid under a limited set of circumstances.

These include with the agreement of the Nucleus board, if a third party announces a firm intention to make an offer for Nucleus or if Nucleus announces a so-called whitewash" proposal where majority shareholders agree a takeover.

Integrafin may also change its position in the event of a “a material change of circumstances,” such as one determined by the Panel on Takeovers and Mergers.

Four bidders initially entered the race to acquire Nucleus late last year. Two pulled out recently, Aquiline Capital Partners and fintech Allfunds.

This left two remaining bidders, Integrafin and James Hay.

It is believed Transact and James Hay have both tabled cash offers for Nucleus. Integrafin is also believed to have acquired a number of Nucleus shares in recent weeks.

James Hay declined to comment today on its takeover bid. 

Edinburgh-based Nucleus, one of the smaller adviser platforms, opened itself up to bids after major shareholder Sanlam announced it would sell its stake.