Security solutions provider Nexbis (ASX:NBS) has announced its planned acquisition of UKI Asia Pacific will not go ahead, due to an inability for the parties to meet the conditions of the merger.
The company said it had also been unable to renegotiate an extension for the meeting of the terms of the deal, and as a result the agreement has lapsed.
Neither party had to pay a break fee or any other compensation, and both will continue to explore partnership opportunities, Nexbis added.
NBS shares have declined 3.45% to $0.140 today following the announcement.
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