VARs press for merger deal
AIAG and Harrier Group consider their options
Articon-Integralis AG (AIAG) and Harrier Group have had to look for alternatives to their proposed merger, but have vowed to renew their efforts.
"Both resellers are keen to join together. Either of them could buy the other or buy its operations," said Jim Stoddard, chief executive of Harrier Group. At least three-quarters of AIAG's shareholders would need to approve the merger, under German stock trading laws.
"The problem is that seeking approval for this sort of thing takes time," Stoddard said.
The firms are considering three options: a take-over of Harrier by AIAG; the acquisition of Harrier's business or some of its assets by AIAG; or a reverse take-over of AIAG by Harrier.
"We want a situation that is good for everyone," said Juliet Machan, head of investor relations at AIAG.
The firms said they will reach a resolution by 1 November.
Georgina O'Toole, analyst at Ovum Holway, said: "Harrier has been struggling with its profitability and distraction of the management could have an impact."