Ardshiel Inc., a New York investment firm,...

Ardshiel Inc., a New York investment firm, said it withdrew its $695-million takeover offer for Quaker State Corp., Oil City, Pa., in part because the motor oil company ignored the proposal. “We had hoped (to) put leverage on them to talk to us, but they maintained their policy of silence,” said Dennis McCormick, an Ardshiel senior managing partner. “It may not be the end of the game. We like the company, and we believe we have some good ideas for it.”