Mullen Group Ltd. (TSX:MTL) said Friday it allowed its takeover bid for Livingston International Income Fund expire and walked away from its attempt to acquire the customs broker and logistics firm after failing to win enough unitholder support for the deal.
Mullen, had offered 0.566 of a share for each trust unit of Livingston, in an attempt to beat out a friendly offer for Livingston by group led by the Canada Pension Plan Investment Board.
The all-stock offer was worth about $8.89 per share based on the trucking firm's closing share price on Friday.
"We presented a compelling case and for the most part I must say we were encouraged by the support we received from both Livingston unitholders and Mullen shareholders," said Murray Mullen, chairman and chief executive.
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"But the time comes in every process to move on, which Mullen will now do. We remain very interested in the customs brokerage business as well as the international logistics industry and will now focus our attention on new opportunities."
The CPPIB-led group has offered $8 per share in cash in a deal that valued the income trust at about $273 million.
Units in Livingston closed down nine cents at $8.76 on the Toronto Stock Exchange.