Blue Label Telecoms is no longer in discussions with an unnamed party that had expressed an interest in buying it.

“Shareholders are referred to the company’s cautionary announcement first made on 1 October 2014. Blue Label considers that insufficient progress has been made in relation to the nonbinding expression of interest received to merit shareholders remaining under cautionary,” the JSE-listed Blue Label said in a statement on Friday morning before the market opened.

“The company has terminated its engagement with the party that submitted the nonbinding expression of interest. Accordingly, shareholders are no longer advised to exercise caution when dealing in their Blue Label shares.”

The unidentified suitor had made a bid to acquire 100% of the telecommunications and payments specialist, sending the firm’s share price to above R10/share. In recent weeks, the share has fallen back to just above R9, close to the level it was when it issued the cautionary to shareholders on 1 October.

At the time, Blue Label said the expression of interest from the suitor did not constitute a firm intention to make an offer.

“It is possible that no offer may result from this process,” it said then.