30/07/2009 - 15:34

Neptune Marine ends US acquisition talks

30/07/2009 - 15:34

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Neptune Marine Services says it has ended negotiations over a US-based acquisition as it progresses its plans to acquire Singaporean company Core IRM for $11 million.

Neptune Marine Services says it has ended negotiations over a US-based acquisition as it progresses its plans to acquire Singaporean company Core IRM for $11 million.


 

The announcement is below:

 

Neptune Marine Services Limited (ASX:NMS) (Neptune or the Company) today announced that it has ended negotiations in relation to the target USA based acquisition announced on 5 June 2009. As stated at that time, the acquisition had been proposed, subject to satisfactorily completing outstanding due diligence and entering into a binding sale and purchase agreement. The company was not able to agree commercially acceptable terms in order to finalise the proposed transaction.

As announced on 16 July 2009 Neptune is progressing with due diligence on the potential acquisition of Core IRM Pte Ltd for SGD$13m with the added consideration of a SGD$1m conditional payment that will be based on Core IRM's EBIT performance for the 12 month period to 31 December 2009. For further details on Core IRM, please refer to the 16 July 2009 announcement.

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