Wyevale maintained that the company should not accept an offer lower than 580p a share. Cinven was not prepared to make a takeover offer at this price.
Wyevale chairman David Williams said: 'The past six months have been a massive distraction for the Wyevale team.'
The retailer said: 'The Wyevale board does not believe the continuing uncertainty as to a possible takeover is in the best interests of Wyevale or its shareholders.'
The group also announced today that interim chief operating officer Gary Favell will be appointed as chief executive with immediate effect.
The company will now proceed with its plans to sell some of its smaller sites, which had been placed on hold during the takeover talks. It said that since September 21 it had enjoyed a modest positive like-for-like performance.