Beverly Hills-based TAGEntertainment Corp has ended takeover negotiations with Myriad Pictures underwhich it planned to acquire all outstanding shares of capital stock in Myriad.
Both parties said the talks were called off after neither side was able tofulfil expectations laid out prior to the negotiation process.
"After careful consideration, we have determined not to proceed with thetransaction to acquire Myriad Pictures," TAG chairman and chief executiveofficer Steve Austin said.
'Although we are disappointed that our initial expectations in entering intothe letter of intent were not fulfilled, we appreciate the effort of allparties in attempting to make the transaction work.
"However, we believe that this route is the best alternative for TAG and itsshareholders at this time. We will continue to work with Myriad Pictures as asales agent for our motion pictures and look forward to the successfulinternational releases of two feature films placed with them."
"Myriad Pictures was ultimately not satisfied with the financing of thedeal so was unable to proceed," A Myriad spokesperson said. "We wish TAG well as they go forward and in working with them on their slate of current andupcoming motion pictures."
TAG specialises in family oriented entertainment. Santa Monica-based Myriad is a production and sales company.