3rd Dec 2015 11:00
LONDON (Alliance News) - Equipment rental companies Speedy Hire PLC and HSS Hire Group PLC are understood to have abandoned secret talks they were holding about a possible GBP300.0 million merger, Sky News reported.
Sky said HSS and Speedy had been in preliminary talks about a tie-up until last month, but these fell apart after two Speedy Hire non-executives, Chris Masters and James Morley, opposed the merger, resulting in them leaving the company's board near the end of November.
The deal is understood to have secured the backing of a number of shareholders of the two rivals, both of which have been hit by a slew of profit warnings in the past year.
http://news.sky.com/story/1599117/board-bust-up-as-tool-giants-abort-300m-deal
By Sam Unsted; [email protected]; @SamUAtAlliance
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