Further delay plagues Ingram takeover

Distribution giant insists deal will be done by the end of year despite latest setback

Ingram Micro's impending sale to Tianjin Tianhai has been hit by another delay, as the deal awaits approval from Chinese authorities.

The distributor issued a statement today saying that "the end date by which the acquisition... must be completed has been extended to 15 December". The announcement comes just two days ahead of the previously scheduled closing deadline of 13 November, which itself represented an extension on the date by which the buyout had been expected to complete.

Today's extension was made to allow for "satisfaction of the remaining closing conditions under the merger agreement, including receipt of approval from China's State Administration of Foreign Exchange", claimed Ingram. Elsewhere, the distributor repeatedly asserted its continued belief that the acquisition will close in this calendar year.

Approval from Chinese regulators would appear to be the last hurdle for the broadliner and its soon-to-be new owner to jump. The merger cleared a major obstacle last week when U.S. anti-trust officials gave the deal the green light. The examination by the Committee on Foreign Investment into potential national security concerns had already delayed the buyout, having been cited as the cause of the previous extension of the closure date.

The union has faced numerous obstacles since being announced in February, including being disrupted by a reported probe in July by the Shanghai Stock Exchange into the broadliner's financial performance. Other obstructions have included a lawsuit launched in March by an Ingram shareholder concerning what they saw as a "grossly inadequate" sale price.