On 10 July 2008 Diamond Aircraft announced that it was dropping out of the bidding to purchase Thielert, citing that Thielert withheld key information "vital to the due diligence process", although Thielert disagreed. On Friday 11 July 2008, Thielert issued a press release stating: "the reasons Diamond is presenting for its non-participation are clearly pretext". Thielert implied that Diamond was not a serious prospective buyer and that "Diamond's actions clearly serve the purpose of derogating Thielert's reputation in the naive assumption to be able to subsequently purchase Thielert far under value."