Emeco Holdings
(ASX:EHL) has pulled out of its highly anticipated acquisition of Rentco.
The mining equipment rental company was looking to diversify outside of its core mining business with the purchase of one of Australia largest players in the truck and trailer rental market.
However in a statement to the ASX today, Emeco says that the deal has been terminated due to non-completion of conditions.
The contract had been extended once already however following a review, both parties are of the mind that the conditions cannot be satisfied or waived and the deal will not go ahead.
Emeco will instead focus on strengthening cash flow through its core business.
Emeco Holding reported a net loss of $53.55 in the first half of the 2015 financial year.
