The three-month battle to buy retirement homes specialist McCarthy & Stone appears to be over with the Permira and Barclays bid vehicle declining to raise its 1030p per share offer, paving the way for the HBOS-led consortium.

The Permira/Barclays bid, known as Mars Bidco, offered 1030p a share on 28 July. This was swiftly followed by a 1075p a share recommended offer from the Mother Bidco consortium comprising HBOS, the Reuben Brothers and Sir Tom Hunter, the retail entrepreneur. This deal valued the company at £1.1bn.

The McCarthy & Stone board announced this week that Mars Bidco would not be increasing its proposal, putting an end to thethree-month tussle. The board reiterated its support for the Mother Bidco offer.

Keith Lovelock, executive chairman of McCarthy & Stone said: “I am pleased that the uncertainty surrounding the future of the company has been resolved and look forward to an orderly transfer of ownership and management to Mother Bidco in due course.

“The sale process has generated excellent value for shareholders and the management team looks forward to working with Mother Bidco. I believe the company is well placed to flourish under Mother Bidco’s ownership.”