Alaris abandons US merger agreement
JSE-listed South African firm Alaris Holdings on Friday said it has abandoned its bid for Antenna Research Associates (ARA) after the US-based business failed to fulfil some of the conditions precedent to the takeover.
After efforts to negotiate revised terms of the June merger agreement to address mitigate risks raised in light of the unfulfilled conditions were unsuccessful, Alaris exercised its right to terminate the deal.
“Alaris regrets the termination, especially considering the significant resources that were devoted to this acquisition,” the company told shareholders on Friday, pointing out, however, that it believed it was the right move.
However, Alaris said it would be able to leverage the experience gained to improve its understanding of the US regulatory landscape and would continue to explore opportunities to further penetrate the market.
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