Ingram has extended the end date for its takeover by Tianjin Tianhai to give US officials time to peruse the national security implications of the $6bn deal.
According to reports, the distributor initially rejected concerns it would need clearance from the Committee on Foreign Investment in the United States (CFIUS) because it was confident it wouldn't be seen as a technology firm.
But in an about-turn, Ingram announced on 21 July that, following consultation with the CFIUS, it had elected to submit a joint voluntary notice to CFIUS.
Three weeks on, Ingram has announced that it has extended the end date for deal to 13 November to allow for CFIUS to complete its review of the transaction.
"Ingram Micro and Tianjin Tianhai continue to expect closing of the transaction to occur in 2016 as previously announced," Ingram stated.
The CFIUS reviews the national security implications of foreign takeovers of US firms. Its influence has scuppered several proposed deals involving Chinese firms in recent months.
NYSE-listed Ingram first announced the deal, which will see it become part of Chinese conglomerate HNA Group, in February.
The CFIUS' involvement represents the latest bump in the road after it emerged in a report by The Wall Street Journal that the Shanghai Stock Exchange had asked for more details about the acquisition.
Among other things, the Shanghai Stock Exchange requested explanations for perceived shortcoming in Ingram's financial performance, noting a drop in net profit margins between 2013 and 2015. In its latest quarter, Ingram's CEO claimed the distributor was gaining marketshare despite registering a fifth consecutive annual sales decline.
In its 21 July statement, Ingram said it was "maintaining steady progress" in receiving the required competition authority approvals in various jurisdictions. This includes obtaining early termination of the waiting period under the US HSR [Hart-Scott-Rodino] Act and antitrust authority approval from China's Ministry of Commerce.
Approval from the antitrust authorities of various countries, including Brazil, India, Mexico, South Africa and Turkey have also been received, it added in the 21 July announcement. However, it added that it has had to file with the antitrust authorities in several EU countries individually, namely Austria, Italy, Poland and Slovakia, after determining that an antitrust filing with the European Commission was not required.
Ingram shareholders themselves gave the deal their blessing in late June, with 99.8 per cent voting in favour.
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