Excel Insurance Company Limited has withdrawn its intention to acquire 40 per cent equity shares in PICIC Insurance Limited. This was notified by Next Capital Limited, the Excel Insurance’s managers to the offer, to the shareholders and members at Karachi Stock Exchange (KSE). The company cited the lapse of time period to make the ‘Public Offer to Acquire’, as a reason for its withdrawal from the acquisition of 40 per cent voting shares in PICIC Insurance.