After an extended period of due diligence and despite multiple attempts to conclude the transaction with the vendors of Finder (Longreach Pty of Perth and Fugro NL , a Netherlands based international oil and gas industry service company) no suitable deal could be reached.
The vendors of Finder originally agreed in principle to accept a $25 million takeover offer by Gippsland Offshore and a subsequent announcement to the ASX was agreed and approved by all parties.
Since this in principle agreement was reached, the Finder vendors have been unable to satisfy our detailed due diligence process and furthermore have attempted to negotiate a significant increase in purchase price.
Against this background and after a sustained attempt to reach a new agreement Gippsland Offshore has decided it is not in the best interests of shareholders to further pursue this takeover.
Gippsland Offshore will continue to seek other opportunities for growth that represent excellent opportunities for our shareholders.
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