Suspended former software company Sofcom (ASX:SOF) has pulled an offer to acquire Bluechiip in a reverse takeover.
The company said it had became apparent that some conditions required for the offer to go ahead would not be able to be satisfied.
Conditions included approval of Sofcom shareholders, a capital restructuring and Sofcom getting at least $3 million in a capital raising.
As a result, both companies have consented to terminate the agreement they had reached, and release each other from the obligations spelled out in it.
Sofcom had planned to make the Melbourne-based Bluechiip, which has developed electronic tracking and monitoring technology, its sole business. The proposal involved Sofcom changing its name to Bluechiip Technologies Limited.
Bluechiip shareholders had accepted the offer in October.
Sofcom said it was in discussions with a number of other companies interested in using it as a vehicle to list on the ASX.
The former software and web development company, chaired by former Victorian premier, Jeff Kennett, has been acting as a shell for years. Previous attempts to pull off a reverse takeover, including an arrangement to acquire Billionstocks from earlier this year, have also collapsed.