Strauss cited differences discovered between the parties in the closing stage of the deal.
Strauss Group Ltd. (TASE:STRS) notified the TASE today that it has cancelled the acquisition of Espresso Club, "due to differences discovered between the parties in the closing stage of the deal." The company did not elaborate.
In November, Strauss announced that its subsidiary Strauss Coffee BV would acquire Espresso Club, a marketer and distributor of espresso machines and capsules that utilizes the comprehensive apparatus of Italian-based Coffitaly. Strauss said at the time, "By entering into the in-home espresso domain, we are adapting to the global domestic consumption trend of quality espresso and coffee, that has become such a fast-growing consumer category."
Strauss's share price rose 0.4% by early afternoon to NIS 4.67, giving a market cap of NIS 5 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on January 18, 2012
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