Unilumen Drops Plans of Acquiring Foreign Firm for US$ 300 M

Chinese LED manufacturer Unilumen recently announced it has cancelled plans of acquiring a foreign firm for US $300 million, according to a cnledw.com report.

Unilumen mentioned in its recent statement, the company thoroughly reviewed and evaluated the investment project. Since the targeted company is a foreign company, pricing evaluations are very complicated, and there are still cross-cultural differences that need to be overcome during the integration process. The administration review process is very long and complicated, and plagued with many unforeseen risks that would have affected the two companies’ agreement.

Due to the above reasons, and after thoroughly assessing the situation, the company concluded the conditions were immature. To reduce the company’s operation risks and costs, and to protect shareholders profits, the company has decided to terminate its previous plans of investing US $300 million in acquiring a foreign company. Based on related regulations, the company has stated it will not carry out any massive restructures in the next three months.

In the same statement, Unilumen announced it would be resuming trade as of July 15, 2015. The company halted trade on the Shenzhen Stock Exchange on July 3, 2015, while it was evaluating whether it should acquire the foreign LED company.

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