Dering is still trying to raise more equity for its €3.7bn bid according to Reuters, which cited three sources familiar with the matter.
It said an exclusivity period between TDF and Dering had now expired and there was no formal process going on between the two.
AltAssets reported in March that Dering was struggling to fund its bid for the arm of TDF, which is backed by private equity firms TPG and Ardian.
In September TDF asked bidders to submit binding offers by early November with a view to close the deal in the first quarter of 2014.
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