Security Associates-King Central/Monital Merger Canceled
ARLINGTON HEIGHTS, IIL.
The planned merger between Security Associates Int’l Inc. and King Central/Monital has been canceled due to forces outside the companies’ control, according to company officials. Dramatically changed conditions in the financial markets for technology and related ventures ultimately led to the joint decision to terminate the merger agreement.
The merger pact, first announced in May 2000, also involved an agreement to merge with SecurityVillage.com, a New York-based firm, founded in November 1999, that planned to develop and provide Web-based interactive services to the wired home and business market. The merger agreement called for a significant cash investment by SecurityVillage in the combined entity.
“During the past number of months, the companies continued to explore the possibility of a transaction apart from SecurityVillage, but have not been successful in arriving at terms which meet the needs of both parties,” says Tom Few, president of King/Monital, and James Brannen, president of Security Associates, in a joint statement. “We’re still hopeful that, down the road, we can work something out that will benefit our dealers, as the combined company would be powerfully attractive as a means to deliver value-added services nationwide.”
Few and Brannen add that they expect to identify a number of ways to work together to expand opportunities for their respective dealers.
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