Oslo-listed oil tanker firm Frontline is no longer pursuing a takeover of New York-listed competitor DHT Holdings and is not working on any other acquisitions, Frontline’s CEO told Reuters on Monday.

DHT last month rejected a fifth takeover proposal from billionaire shipping tycoon John Fredriksen’s Frontline, calling the $500 million all-share bid “woefully inadequate”.

“We will not spend time pursuing the DHT track,” Frontline Chief Executive Robert Hvide Macleod said in a written comment to Reuters.

“With our present opportunities for creating value through fleet renewal, we’re not currently pursuing any other acquisitions either,” he added.

Instead of a deal with Frontline, DHT struck a tankers-for-shares agreement with BW Group in March, making the latter DHT’s biggest shareholder with a stake of over 30 percent.

Frontline attempted to block the BW deal, first in a U.S. court and later in the High Court of the Marshall Islands, but both lawsuits were eventually dismissed.

Source: Reuters (Reporting by Ole Petter Skonnord, writing by Terje Solsvik, editing by Alister Doyle and Louise Heavens)