Firm Calls Off Acquisition of Datapower
Less than 48 hours after announcing plans to merge into a wholly owned subsidiary of a New Jersey firm, Santa Ana-based Datapower Inc., a manufacturer of power supplies for computer and lighting systems, said the East Coast company has stopped the merger.
In a statement released Tuesday, Datapower President Frederick J. McKee gave no reasons why OPT Industries, a New Jersey electronics supplier, discontinued the merger proceedings. He said Datapower is considering legal action against the privately held firm.
The merger agreement, announced Monday morning, had called for Datapower stockholders to receive .01133 shares of OPT common stock in exchange for each share of Datapower common stock.
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