City Pacific Limited has withdrawn its merger proposal for investment and funds management company MFS Limited.
According to a statement released by City Pacific’s CEO and managing director Phil Sullivan today the company informed MFS that it intended to withdraw the merger proposal late on Friday evening.
While discussions continued over the weekend, both parties were unable to reach an agreement to proceed with the merger.
City Pacific, a leading financial services company, announced the merger proposal just last Monday.
The enterprise value of the transaction would have been worth around $1.33 billion.