Online brokerage eToro and Betsy Cohen-backed blank-check firm FinTech Acquisition V are planning to let the deadline for their merger pass without closing the deal, Reuters reports. The Information originally broke the news, citing a person familiar with the matter.
The companies had amended their agreement in late December to extend the deal deadline to the end of June and lower the Israel-based online stock brokerage’s valuation to $8.8 billion from $10.4 billion.
Rumors the deal would likely be cancelled began swirling in May. The deal valued eToro at $10.4 billion. Read more.
