Automotive Holdings Group Limited (AHG) today announces that HNA International (HNA) has confirmed that it is terminating the agreement announced on 23 November 2017 to acquire the Company’s Refrigerated Logistics business.
AHG Managing Director John McConnell said he was disappointed with this outcome but said it ends an extended process of engagement with HNA and would allow the Refrigerated Logistics management team to focus fully on running the business.
“HNA made an unsolicited offer for the Refrigerated Logistics division last year and we engaged with HNA. Unfortunately since that approach HNA has run into liquidity problems which combined with the delayed FIRB process left the conditions precedent unable to be satisfied within an agreed timeframe,” said Mr McConnell.
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