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Discussions on the proposed acquisition of Menzies Distribution by DX Group have broken down, it was revealed today.
A trading update led Menzies to seek revised terms on the deal, which could not be met.
Mooted in March, DX Group announced in June it was to acquire Menzies Distribution on a cash and debt-free basis for £40m, plus 65% of its issued share capital as enlarged by the merger.
However, after DX released a trading update last month, the Menzies board undertook further due diligence ...
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