LONDON (Alliance News) - Investment company Tern PLC on Thursday said it has pulled out of a deal to acquire Flexiant Ltd, following due diligence, but remains in talks to get the acquisition done under different terms.
Tern had announced in May the deal to buy Flexiant, described as a European cloud management software provider for cloud services. It was set to buy the business from Flexiant Corp with a share issue worth around GBP6.0 million.
On Thursday, however, Tern said the conditions for the acquisition have not been met, and the deal as outlined will not proceed.
Discussions between the two are continuing, it said.
Tern shares were down 0.1% to 14.61 pence Thursday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Tern (TERN)