Boehringer cancels divestiture
This article was originally published in The Tan Sheet
Executive Summary
Boehringer Ingelheim has terminated a share purchase agreement for the sale of its Pharmaton nutritional supplement business to Grand Rapids, Mich.-based IdeaSphere, the German firm announces Feb. 16. Boehringer halted the divestment because IdeaSphere failed to fulfill "all their closing obligations in accordance with the contract," the company states. "We are disappointed that the parties were not able to reach agreement at this time to complete the Pharmaton transaction," says IdeaSphere President and COO Mark Fox in a same-day release. The companies entered the acquisition agreement in August 2006 (1"The Tan Sheet" Aug. 28, 2006, In Brief)...