The proposed acquisition of ATIO Corporation by the Unihold Group has officially been terminated as consensus could not be reached regarding the fulfillment of the conditions precedent.
Gary Harlow, group chief executive of Unihold, and Gary Craul, chief executive of ATIO, state that the two groups will pursue their growth and acquisition strategies independently, and wish to maintain a healthy competitive relationship. The companies, however, will co-operate on joint ventures where mutually beneficial.
Craul told ITWeb that after long and protracted discussions for seven months, the companies couldn`t settle on a few issues and parted amicably. He added that ATIO is not looking for another partner and has no plans to list. He said ATIO will just get on with the business of building the company, which has doubled in size for the third year in a row.
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