S&T AG cancels Letter of Intent with Cloudeeva Inc.
Linz, 25.02.2014. S&T AG has withdrawn from the Letter of Intent concluded with Cloudeeva Inc., San Ramon, California 94583, USA. The objectives of the Letter of Intent included the issuance of a voluntary offer. It would have been made to the shareholders of S&T AG. This would have been linked to the provision of support to Cloudeeva Inc. by S&T AG.
Cloudeeva Inc. announced on 22.01.2014 that it had concluded the due diligence of S&T AG's business, tax and legal situations, and that this process had yielded positive results.
The Letter of Intent also foresaw Cloudeeva Inc.'s submission or publication by 20.02.2014 of documents detailing how the issuance of a voluntary takeover could proceed as planned – or how it could at all be made. Cloudeeva Inc.'s non-fulfillment up to now of this agreement caused S&T AG today to cancel this Letter of Intent. The latter thus adhered to the term of termination, in doing such. Independent of this cancellation both parties stated that they may proceed with further negotiations in the future.