PARIS (Bloomberg) — Shares of Scottish Re Group Ltd., a Bermuda-based reinsurer, slumped 15 percent after the head of French reinsurer Scor SA said it didn’t bid to buy the company, which is for sale.Scor chief executive officer Denis Kessler made the comment on a conference call with analysts yesterday.

"Scor Management has decided not to make a proposal to acquire Scottish Re," Kessler, chief executive of Scor, said during a conference call with analysts and reporters. "That's a management decision, not to submit to my Board and not to make a proposal at the end of October."

Kessler wouldn't say why Scor decided not to bid.

Financial Times Deutschland said in October that Scor may be among the bidders for ScottishRe, citing unidentified people in the insurance business.

Scottish Re said on July 31 that it had hired Goldman Sachs Group Inc. and Bear Stearns Cos. to help it pursue “strategic alternatives”.

Shares plunged 75 percent that day after the company announced the resignation of CEO Scott Willkomm and said it would have a second-quarter operating loss because of a $112 million tax expense.

A sale may be announced “as early as mid- to late-October or early November,” the company said in September.

Hannover Re, which was also reported to be bidding, has since dropped out.

Scottish Re shares dropped $1.63, or 15.23 percent, or $9.07 during morning trading on Wednesday