The deal had a contractual deadline of March 27, 2018. File Image / Pixabay
Aegean Marine Petroleum Network (Aegean) [NYSE:ANW] today said its proposed acquisition of port services company Hellenic Environmental Center (HEC) has been terminated.
"[T]he contractual deadline (the "long stop date") of March 27, 2018, for obtaining all necessary approvals for the Company's previously announced share purchase agreement with the shareholders of H.E.C. Europe Limited ("H.E.C.") has not been waived, and accordingly that agreement between Aegean and the H.E.C. shareholders has terminated in accordance with its terms," Aegean said in a statement.
The deal, valued at $367 million, was seen by the bunker supplier as a pathway back to profit.
But the terms of the deal proved controversial, and a group of Aegean's shareholders successfully argued that it should be blocked, with US District Judge Loretta Preska earlier this month granting a temporary restraining order.
As Ship & Bunker reported last seek, Aegean and the shareholder group "the committee for Aegean accountability" had since been in talks to try and resolve the outstanding issues between them.