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City Pacific Limited has withdrawn its merger proposal for investment and funds management company MFS Limited.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.
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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.
Published: 21-01-08
