Baring Private Equity Asia withdrew its offer to acquire a 54% stake in PI Advanced Materials from Glenwood Private Equity for $1bn.

Baring Private Equity Asia, an Asian private equity firm, withdrew its offer to acquire a 54% stake in PI Advanced Materials, a manufacturer and distributor of polyimide films, from Glenwood Private Equity, an investment service in Seoul, South Korea, for $1bn. The move is expected to spark considerable conflict between the two private equity firms over the responsibility for the contract termination.