LONDON (Alliance News) - The Innovation Group PLC Wednesday said its proposed acquisition of a UK motor business process-services company has been cancelled after it failed to come to terms on the deal.
Innovation said at the start of the month that it was in advanced talks to buy an unnamed UK company and said the due diligence and contract negotiations were taking longer than anticipated.
The company said it intends to continue to pursue its strategy of expanding its UK motor arm via acquisitions and would update again once other opportunities to do so develop.
Innovation group shares were trading flat on Wednesday, quoted at 26.00 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Team Internet (TIG)