Sierra Wireless Terminates Plans to Buy CradlePoint Technology
July 07, 2008
Sierra Wireless today announced the termination of its agreement to acquire CradlePoint Technology, the plans for which had been announced on April 7th of this year.
Remaining impressively vague about the reasons behind the termination, Sierra Wireless simply stated, "As is customary in agreements of this nature, there are certain conditions that need to be met prior
to closing. One of these conditions has not been met, resulting in the agreement being terminated
by Sierra Wireless."
"The company expects to incur about $700,000 of transaction-related expenses in the second quarter," writes Thomson Financial's Christie Rizk.
More here from RTTNews … more here from FierceWireless … more here from the AP … and the press release is here.