- Australian manufacturing business Inventis (IVT) has ended the deal to purchase two Queensland companies, Emtek Furniture and DesignSpace Commercial Furniture
- Last December, the Australian manufacturing business paid a refundable deposit to purchase the two companies
- The purchase was under due diligence, which was expected to be completed this month
- IVT has not given any details as to why it is not going through with the deal but did say it will now look at other opportunities
- On market close for the day, IVT is in the grey and trading ay 1.1 cents per share
Inventis (IVT) is not going ahead with its planned acquisition of two Queensland companies, Emtek Furniture and DesignSpace Commercial Furniture.
Last December, the Australian manufacturing business paid a refundable deposit to purchase the two companies.
IVT offered to purchase all of the shares in Emtek and DesignSpace for a total cash consideration of $400,000.
The acquisition was expected to be completed this month, following a due diligence.
However, IVT has now decided to end the agreement and not purchase the furniture companies. The company gave no details on why except that it will now pursue other opportunities.
“The group prides itself with the positive culture and dynamics it has developed, and a focus on return on investment is paramount to the success of the group. We will continue to strive to improve these key factors in everything we do in order to build shareholder worth,” Managing Director Anthony Mankarios said.
On market close for the day, IVT is in the grey and trading ay 1.1 cents per share.