CML/Livn deal canned
Capital Mining Limited (CML) has just acknowledged speculation of a proposed transaction of tour and activities company Livn Holdings (TD Tue), however the listed firm has advised the potential acquisition has since been pulled.
“The directors confirm that the company had engaged in discussions with the directors of Livn and entered into a terms sheet under which it was proposed the Company would acquire 100% of the issued capital in Livn,” CML said in an update to shareholders.
Capital Mining Limited said the deal to purchase Livn would have led to “significant growth and revenue opportunities”.
The mulled sale has now been withdrawn, with Livn advising Capital Mining it does not intend to proceed with the proposed transaction “at this time”.
“Whilst this result is disappointing for the company, the directors are pursuing opportunities to culminate in a transaction which will ultimately generate value for shareholders,” CML added.
More details in tomorrow’s issue of Travel Daily.