Speculation that the IR industry was about to see another major acquisition has been quashed, with reports that Sage Holdings has declined to buy stock surveillance firm Illios Partners.

The rumour mill has been active with suggestions that Sage was running the rule over the New York-based firm. There’s been little secret that Ilios has been touted around the market in recent weeks.

But it is thought that Sage turned up the opportunity to buy Illios, feeling that the proposition wasn’t sufficiently attractive, and would have few qualms about seeing Ilios go to a rival firm. Whether Thomson or another company take that opportunity remains to be seen.

Sage declined to comment on the speculation, but Fred Stone said: “We have looked at 400 companies, done due diligence on 40, and bought five. We still have a very active acquisitions team.”