(March 29 – 11:35 ET) – Hi-Alta Capital Inc. has called off its plans to acquire University Avenue Financial Corp. Hi-Alta Capital had proposed to acquire all outstanding shares of University Avenue and the two firms executed an acquisition agreement in February. But strong growth at University Avenue has made that agreement unappetizing.

University Avenue’s fund assets under management has grown by more than 100% since the beginning of the year. “Both parties agree that, as a result of the revenue increase, the offer is no longer in the best interests of the shareholders of University Avenue Financial,” says Hi-Alta. It has withdrawn its offer and both firms have agreed upon compensation for costs incurred by the failed talks.
-IE Staff