Xcerra and Hubei Xinyan withdraw CFIUS application, terminate merger.
Xcerra and Hubei Xinyan Equity Investment Partnership announced that they have mutually agreed to withdraw their joint voluntary filing to the Committee on Foreign Investment in the United States, or CFIUS, in relation to their proposed transaction and have terminated their merger agreement. "We believe that our transaction with Xinyan was in the best interests of our shareholders, our customers, and our employees. Despite our best efforts to secure approval, it has become evident that CFIUS will not clear this transaction and we and Xinyan have mutually decided to terminate our merger agreement," said Xcerra CEO Dave Tacelli. "Our transaction with Xinyan was about enabling Xcerra to accelerate its growth in the China market as well as broadening and strengthening our customer relationships around the world. While we are disappointed that we were not able to receive approval from CFIUS on this transaction, Xcerra and Xinyan are discussing alternatives to pursue opportunities in new and existing markets in China."
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|Date:||Feb 22, 2018|
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