Wumart, CP Lotus Drop $302M Deal After Talks Stall

Law360, New York (December 16, 2013, 11:31 AM EST) -- Private equity-backed supermarket chain Wumart Stores Inc. called off $302 million plans to gobble up a bundle of three dozen stores from rival retailer CP Lotus Corp. after the companies failed to hammer out terms, according to a Monday securities filing.

Both grocers acknowledged the impasse but did not specify which issues held up deal talks. Wumart and CP Lotus jointly announced the proposed transaction two months ago, and since then had been working to fine-tune a framework for the sale.

"Despite extensive negotiations in good...
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