McMillan Shakespeare Limited (ASX:MMS) and Eclipx Group Limited (ASX:ECX) have today agreed to terminate the Scheme Implementation Agreement dated 8 November 2018 (SIA) with immediate effect and to release one another from any claims relating to the agreement and the proposed scheme.
It comes after McMillan Shakespeare pulled the plug on the proposed merger earlier this month.
The salary packaging firm previously said the deal was not in the best interests of its shareholders for a number of reasons including the 42 per cent fall in Eclipx's profits.
McMillan and Eclipx have further agreed that Eclipx will reimburse McMillan for $8 million in costs that it has incurred to date due to the proposed scheme.
Neither company have commented further on the termination of the Scheme Implementation Agreement.
Shares in McMillan Shakespeare (ASX:MMS) are trading 0.7 per cent lower $12.02.