Accrelist drops proposed acquisition of F&B software firm

ACCRELIST is scrapping its proposed acquisition of Liaoning Mealplus Technology, a developer of software and machinery for the food and beverage industry, after more than two years of negotiations fell through.

Accrelist had announced a non-binding memorandum of understanding for the proposed acquisition in April 2018. The deal was to be fulfilled with a cash consideration of 4 million yuan (S$814,530) and the issuance of Accrelist shares amounting to 46 million yuan.

Both parties had signed four documents to extend the deadline to execute a subscription agreement.

Despite having passed the final deadline of Oct 13, 2019, Accrelist had continued discussions with Liaoning Mealplus, but could not come to an agreement on the terms of the acquisition.

The counter closed at S$0.04 on Thursday, up 0.3 Singapore cent or 8.11 per cent.