The board of M&G Investment Management Ltd (MAGIM) has decided not to make an offer for the UK Mortgages.

UK Mortgages believes that MAGIM’s proposals undervalued the company and its future prospects.

As the company is no longer in an offer period under the Stock Exchange Code, the board will commence a review of future strategy as announced on 7 August 2020.

Chris Waldron, UK Mortgages’ chairman, said: “While the offer period has now ended the board is very aware of the feedback from shareholders received through the period.

“The board is committed to ensuring that the review of future strategy provides shareholders with a strategy that delivers a clear pathway to enhanced liquidity as well as a narrowing and removal of the discount at which the shares trade versus the NAV.”