Hypertec-Sirius merger terminated

The proposed merger between Australian modem manufacturer Sirius Technologies and memory supplier Hypertec has been scuttled.

The two companies announced overnight the agreement was terminated because they could not agree on some commercial arrangements. The companies have thus agreed to terminate the Share Subscription Agreement, they said in a statement.

Sirius' managing director, David Stewart said the board had decided it would be more beneficial to provide a "definite position on the transaction", rather than delaying the merger process.

"The Sirius board and management undertook significant steps to restructure the business after a disappointing six months to December 31, 1998," Stewart said.

"This restructure, together with the sale of our investment in Connect.com.au in February, 1999, has strongly positioned us to return to profitability."

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