Lincor, Inc has terminated a conditional merger agreement with Hills Health Solutions, a wholly-owned business of Hills Ltd (ASX:HIL)
The conditional merger agreement had a provision for either party to terminate the deal if Lincor did not proceed with an IPO by 31 December 2016.
Hills says the termination of the merger agreement does not impact its business or exclusive distribution agreement with Lincor, Inc.
Nevertheless, the company says it will continue to invest in its health business and look for other opportunities in this sector.
Hills posted a net loss of $68.3 million at 30 June 2016.