Hull-based meat processing giant Cranswick Plc said on Thursday it “has withdrawn from the acquisition process for Inspired Pet Nutrition Limited” just one day after announcing it was in talks for the “potential acquisition” of the UK pet food business.

Cranswick gave no reason for the decision.

“Further to its announcement of 16 December 2020, the board of Cranswick plc today confirms that it has withdrawn from the acquisition process for Inspired Pet Nutrition Limited,” said the Hull company.

On Wednesday, Cranswick had said: “The board of Cranswick plc notes the recent press speculation with regard to a potential acquisition.

“In line with the company’s stated long-term growth strategy to expand its product offering through further diversification, Cranswick regularly considers acquisition opportunities.

“The board confirms that it is currently engaged in a process regarding the potential acquisition of Inspired Pet Nutrition Limited, a leading UK pet food business.

“If successful, the group’s current intention is to part-finance the acquisition via an equity placing of less than 10% of issued share capital to investors.

“There can be no certainty at this time that the acquisition will progress.

“The company will make a further announcement if and when appropriate.”