AIG will revisit a public float of its Asian life insurance assets while UK giant Prudential considers the future of CEO Tidjane Thiam after the blockbuster £35.5 billion ($61.6 billion) deal between the two parties collapsed.

Set to be the largest insurance takeover in corporate history, Prudential’s bid to acquire AIG’s Asian life unit, AIA, died after the AIG board rejected a reduced purchase offer.

Last week Mr Thiam revised his offer down to £30.4 billion ($52.8 billion) in response to shareholder concerns the company was paying too much.

AIG CEO Robert Benmosche voted in favour of the revised bid, favoring a quick deal, but was ultimately outvoted.

Prudential released a statement on Thursday confirming the deal had been terminated.

It had been planning a £14.5 billion ($25.2 billion) rights issue to partly fund the AIA acquisition. In addition to the cancellation of the rights issue, Prudential must also pay AIG a termination fee of £153 million ($265 million).

The deal’s collapse could have cost Prudential up to £450 million ($781 million) in underwriting charges, currency hedges and other associated costs, but the company says the two parties “have agreed to release and waive any claims each may have against the other”.