Monday, July 07, 2008

Sierra Wireless No Longer Buying CradlePoint

Sierra Wireless has announced their plans to no longer acquire CradlePoint, Inc. From Sierra's press release, it says:

VANCOUVER, July 7 /CNW/ - Sierra Wireless, Inc. (NASDAQ: SWIR, TSX: SW) announced today that the agreement to acquire CradlePoint, Inc. previously announced on April 7, 2008 has been terminated. As is customary in agreements of this nature, there are certain conditions that need to be met prior to closing. One of these conditions has not been met, resulting in the agreement being terminated by Sierra Wireless. As a result of the termination, we expect to incur approximately $700,000 of transaction related expenses in the second quarter of 2008.

We don't know exactly what the one condition that was not met.

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