Shares in Express Dairies, the UK's biggest milk supplier, have fallen heavily after takeover talks collapsed.

Express Dairies shares, which jumped by nearly 80% when the company announced last month that it had been approached by a potential buyer, were trading 16% down on the day at 19.75p at 1045 GMT.

The company said earlier on Friday that discussions with the would-be buyer "have now been terminated", without providing further details.

The buyer was widely reckoned to be Scandinavian dairy group Arla Foods, makers of Lurpak butter.

Militant farmers' group Farmers For Action also said it planned to launch a bid for the dairy group earlier this month.

Express Dairies said on Friday that it expects trading for the year to March to come in ahead of expectations.