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Shares of Vestis fell over 3% on Friday after Elis announced it had abandoned takeover discussions with the company.

Vestis has been under pressure this year, down 33%, with an additional decline of over 8% in the past week.

In a press release, Elis, a French company, revealed it had terminated talks with both Vestis and UniFirst (NYSE:UNF) as part of its exploration of entering the U.S. market.

The company cited the inability to achieve a deal that aligned with its financial discipline as the reason for ending the discussions.

"Both discussions have been terminated, as neither would have allowed Elis to complete a transaction that would be in line with the company’s strict financial discipline," Elis stated in the release.

Despite the end of these talks, Elis emphasized that it remains committed to its strategy of pursuing organic growth and value-creating acquisitions.

The company plans to focus on maintaining its leadership in existing markets and continues to explore potential new market opportunities.

"The Group’s operational know-how, its growth profile and its model based on the principles of the circular economy will enable Elis to continue to assert its leadership in all the countries in which it operates, while continuing exploring opportunities in new markets," said Elis.

This content was originally published on http://Investing.com