(Reuters) -The previously announced acquisition of Britain's Argentex by cross-border payments provider IFX Payments has been terminated after the currency risk management business entered
IFX Payments Cancels Argentex Acquisition Amid Financial Struggles
(Reuters) -The previously announced acquisition of Britain's Argentex by cross-border payments provider IFX Payments has been terminated after the currency risk management business entered administration last month, the companies said on Thursday.
The companies had agreed to an emergency 3 million pound ($4 million) takeover in April after Argentex was rocked by swings in the currency markets triggered by U.S. tariffs.
However, Argentex told the market on July 17 that its liquidity position had deteriorated further and it would pause any further commercial and trading activity. It appointed administrators the following week.
Shares in the company have been suspended on the London Stock Exchange's junior AIM market since July 17. They could be cancelled if Argentex does not appoint a nominated adviser, required for all AIM listed companies, by August 31, Argentex said in its statement on Thursday.
($1 = 0.7477 pounds)
(Reporting by Pushkala Aripaka in BengaluruEditing by Sonia Cheema and David Goodman)
