LOS ANGELES — James Haggarty, president and CEO of Sim International (www.siminternational.com), has released a statement decalaring that the agreement between Sim, Panavision and Saban Capital - announced in September 2018 - has been terminated.
The following is his official statement:
“As you may know, in September 2018, Sim announced that it had entered an agreement to combine businesses with Panavision and Saban Capital Acquisition Corporation; a public shell company that was to acquire both Sim and Panavision and the resulting enterprise would be a public company listed on the NASDAQ stock exchange.
I'm writing to inform you that all three parties have decided to terminate the business combination agreement announced last September.
The decision to end the agreement was a difficult one because all parties believed in the benefits of the combined company. However, the volatile stock market conditions, combined with delays caused by the partial U.S. government shutdown in January and the resulting difficulty in getting everything completed before the March 31st deadline, lead to the decision to end the agreement.
Despite the merits of bringing the two operating companies of Sim and Panavision together under common ownership, the timing of doing so as a public company was just not right.
Our commitment to support you and your projects as our priority has not changed throughout this process and will not change. Your friends and partners at Sim look forward to providing you with the same great service and support that you've come to expect.”
President and CEO