MDH Acquisition and Olive Ventures Holdings, a provider of payment services and online vehicle protection plans, announced today that the companies have mutually agreed to terminate their merger agreement, effective immediately. No reason was given for the decision, beyond the news release stating “both parties have decided it is the best long-term strategy to terminate” the deal, which valued Olive at $960 million.
Neither party will be required to pay a termination fee, according to an 8-K filing.
MDH Acquisition Executive Chairman Franklin McLarty said the SPAC would press on in pursuit of another target. The SPAC’s merger deadline is next February.
Announced last July, the merger was expected to provide $291 million in proceeds to Olive. Read more.
