Growthpoint Properties (GRT) on Thursday announced the withdrawal of its offer for Fountainhead Property Trust’s assets‚ but said it would refer the JSE’s ruling on the matter to the Financial services Board. The news sent Fountainhead stock down more than 4%.

Last month‚ the local exchange declined Growthpoint’s request for a ruling that Redefine Properties (RDF) be precluded from voting on all resolutions relating to Growthpoint’s bid for Fountainhead’s R10bn portfolio.

Redefine and Growthpoint were in a bidding war for Fountainhead’s assets since last October‚ until Redefine withdrew its offer in March and acquired a 46% stake in Fountainhead.

Redefine bought Fountainhead’s management company for R660m last August before opening talks on the trust’s assets.

“Growthpoint will continue to engage with the regulators and major independent unitholders of Fountainhead and will reassess its alternatives … when it has greater clarity as to the definitive position of‚ in particular‚ the FSB‚” it said on Thursday.

At 11.20am‚ the Fountainhead was down 4.26% to R8.55‚ while Growthpoint fell 0.37% to R26.75.