Spütz, the German brokerage house, has said that there will be no counter offer from a German bank to the hostile takeover bid from NewMedia Spark, the UK incubator .

In an extraordinary turn of events, Spütz also dismissed a statement put out under the company name last week. Ousted chairman, Bernhard Freytag, issued the statement, which the company claims was not agreed by the advisory board. It said that a counter offer from a renowned listed German bank would be forthcoming on September 19. Freytag went on to urge shareholders to reject NewMedia Spark's €8.5 ($7.9) per share offer, and wait for the new bid.