The final proposal comes a day after Vauld announced to its creditors that the possible deal with Nexo had been cancelled.
- Nexo is not giving up on the purchase of its rival Vauld
- The companies have been in discussions since July, when Vauld suspended withdrawals
- Vauld, struggling financially, said yesterday that the possible deal had been cancelled.
The cryptocurrency lender Nexus does not give up on plans to buy his rival, Vault.
Amid some conflicting perspectives on the acquisition process, Nexus has sent a last letter to Vault with a final purchase proposal. The company has been interested in acquiring Vaultanother Singapore-based cryptocurrency lender, since mid-year after it abruptly halted withdrawals.
At the beginning of July, Vault indicated that it was freezing withdrawals, transactions and deposits, citing “financial challenges” in the face of a number of factors, including falling prices in the market. A few days later, Nexus revealed that he had signed an indicative term sheet with Vaultgiving you an exclusive 60-day period to explore a potential acquisition.
However, after several months of dialogue, the agreement has not blossomed. On Monday of this week, the founder and CEO of VaultMr. Darshan Bathija informed the company’s creditors that discussions with the potential buyer had ended and the deal had been cancelled. “Unfortunately, our discussions with Nexo have not come to fruition.“said the CEO in an email, as quoted The Block.
Despite this, for Nexus the discussions do not seem to have concluded. In his recent letter, which was collected by CoinDesk Y The Block, indicated intentions to continue the talks and to complete the purchase.
New terms of the takeover offer
According to reports, Nexusbased in London, alleged that the financial adviser of VaultKroll, misrepresented and manipulated the previous proposal of Nexus when it was presented to the embattled firm’s creditors.
In the letter, quoted by CoinDesksaid that the team that negotiated the transaction “faced daily challenges, such as receiving slow and incomplete legal and financial due diligence information”, and that the terms of the deal presented to the creditors of Vault they were “misleading”.
The English lender also slightly modified some of the terms of its final proposal. Depending on the coverage of The Blocka Fundamental change refers to withdrawals; andSpecifically, it seeks to ensure a greater probability that customers of Vault achieve key performance indicators, as indicated by the co-founder of NexusAntoni Trenchev, to that medium.
“The intent of this release was to create transparency for Vauld creditors, where it has been insufficient, regarding the merits of the Nexo acquisition plan, as well as to contribute final improvements to some of the commercial terms of the proposal based on the Vauld community feedbacksaid the letter, signed by Nexus Management.
Meanwhile, the co-founder of NexusKalin Methodiev, told The Block that the company “has not given up on trying to save Vauld and help its creditors recover as many funds as possible from the platform“.
Vault it has until January 20 to work on a restructuring plan. The firm had received a credit protection extension last monthhowever, has requested another extension, as reported The Block. The hearing for the extension of the moratorium is scheduled for January 17, that publication added.
Article by Hannah Estefanía Pérez / DailyBitcoin
Picture of Unsplash
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