Bluebird Bio falls after Ayrmid fails to give binding offer

Shares of gene therapy firm Bluebird Bio BLUE.O down 8.7% at $4.08 premarket

BLUE says privately held UK company Ayrmid Ltd has not submitted binding proposal to acquire it and has not obtained necessary financing

Co in March received non-binding offer from Ayrmid for up to $110.5 million

BLUE adds it continues to be at significant risk of defaulting on its loan covenants

Co's board reaffirms its recommendation in support of transaction with Carlyle CG.O and SK Capital, while recommending all stockholders tender into current agreement by May 2

BLUE agreed to be taken private by Carlyle and SK Capital Partners at discount in February

As of last close, stock has fallen 46.4% YTD