The CEO of InterCept (Nasdaq:ICPT), which provides electronic fund transfer and other services to banks, has decided not to make an offer to take the company private, sending its stock down sharply.

“After consultation with possible financing sources for a potential transaction, I determined that I could not formulate an offer that I believed would be in the best interest of the shareholders,” Chairman and CEO John Collins said in a statement.

Shares of ICPT closed at $9.95 on Friday, a decrease of 52 cents from Thursday’s close $10.47. Earlier in the day, the stock price dropped as low as $8.77.

In October, the board of InterCept formed a special committee to review a proposal Collins said he would be submitting.

InterCept said it would now evaluate expressions of interest from several third parties.

Collins added that he’d be available to help the committee evaluate the offers of interest the Atlanta-based company received from third parties following the October announcement.