The proposed merger of modem maker Sirius Technologies and memory company Hypertec has been called off, the companies announced in a statement issued to the Australian Stock Exchange yesterday.
The merger, which had been announced on March 22 with the signing of a Share Subscription Agreement, was subject to a number of conditions. According to the statement the companies did not come to an agreement on some commercial arrangements and agreed to terminate the Share Subscription Agreement.
"The board of Sirius Technologies Limited has decided that it is more advantageous to provide a definite position on the transaction than delaying the process," the statement reads. "The company is then able to focus its energies on increasing sales and profit levels, to the undiluted shareholders, without the distraction of merger planning and implementation discussions."