The merger between Norwegian fashion company Conseptor and Danish e-commerce specialist Stylepit has not been implemented.
And it won’t be. On Thursday, Conseptor announced that the agreement is terminated.
The merger was announced in September. Norwegian Conseptor was supposed to sell the four fashion brands Solid, Peppercorn, Desires and Tailored Originals and related retail activities, including Solid stores to Stylepit. The acquisition was said to be financed through the issuance of 184 million new Stylepit A/S shares to Conseptor AS.
In December Stylepit announced that “as part of the negotiations it is now agreed that ten fewer Solid shops are taken over. The purchase price was then reduced by 62 million DKK. from the originally announced 208 million. But yesterday the deal was totally canceled.
The Board of Conseptor has announced internally that they have informed Stylepit that Conseptor not want to complete the merger, and that the earlier agreement is terminated as of today.
Conseptor do not think that it can be done satisfactorily to the fundamental idea behind the merger and implemented in an optimal way. The share purchase agreement was contingent on a number of factors which now has proven not to be achievable
”Implementation of the share purchase agreement with Conseptor was subject to a number of factors that have proven not to be achievable,” writes Stylepit, who now according to the chairman Nicolai Kærgaard “will launch a study of the company’s strategic options”.
Conseptor must now choose to continue the activities in the same structure as before. There are 37 Solid-stores in Norway and Denmark.