Glitnor stated in February that it had struck an agreement to purchase KaFe Rocks, but the two parties have now "collectively and amicably" decided not to go through with the deal.
Given the state of the market, Glitnor stated that it concurred with KaFe Rocks that "the time is not now to fully complete the transaction."
As a result, the original members and management positions of KaFe Rocks would continue to oversee the day-to-day operations of KaFe Rocks and the Time2play.com brand.
Glitnor will continue to maintain a sizable stake in the business and tight, cordial contacts with KaFe Rocks.
Given the state of the market, Glitnor stated that it concurred with KaFe Rocks that "the time is not now to fully complete the transaction."
As a result, the original members and management positions of KaFe Rocks would continue to oversee the day-to-day operations of KaFe Rocks and the Time2play.com brand.
Glitnor will continue to maintain a sizable stake in the business and tight, cordial contacts with KaFe Rocks.
