The proposed merger between the New Straits Times Press (Malaysia) Bhd (NSTP) and Utusan Melayu (Malaysia) Bhd has been aborted, the NSTP announced Thursday.
“After a series of discussions, NSTP and Utusan were not able to reach a scheme of merger that would be beneficial to both parties and its stakeholders,” it said.
As such, both groups have decided to terminate any further discussions on the proposed merger, the NSTP said in a filing to Bursa Malaysia Thursday.
Last month, NSTP announced that both the board of directors of NSTP and Utusan Melayu had commenced negotiations on a possible merger of both groups.
NSTP and Utusan had entered into a non-disclosure agreement on Nov 30, 2006.
Thursday, NSTP shares closed one sen down at RM2.52, while Utusan counter went up two sen to close at RM1.47.