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Sign On i Stockholm AB cancels acquisition and spin-off.

NORDIC BUSINESS REPORT-10 August 2004-Sign On i Stockholm AB cancels acquisition and spin-off(C)1994-2004 M2 COMMUNICATIONS LTD http://www.m2.com

The Swedish IT company Sign On i Stockholm AB said on Tuesday (10 August) that its planned acquisition of Svea Ekonomi AB and the spin-off of Sign On's existing activities into a new company had been cancelled.

The planned transaction, initially announced in June, was cancelled after Svea Ekonomi's main shareholder Lennart Agren allegedly changed the terms of the original agreement.

Sign On said that in its view Agren's actions in the matter had damaged both the company and its shareholders, and that it would consequently seek full compensation.

((Comments on this story may be sent to nbr.feedback@nordicbusinessreport.com))

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Title Annotation:planned acquisition of Svea Ekonomi AB
Publication:Nordic Business Report
Article Type:Brief Article
Geographic Code:4EUSW
Date:Aug 10, 2004
Words:123
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