ASX-listed Queensland developer Devine Limited has called off its search for a buyer after failing to receive an unconditional offer.
The company said that following its announcement of the sales process in June 2014, its majority owner CIMIC Group Limited (formerly Leighton Holdings) had commenced a confidential expression of interest process.
to seek potential investors for its 50.6% stake in Devine.
"As announced on 16 July 2014, the Board of Devine formed the view that it was in the best interests of Devine shareholders as a whole to explore a formal sale process for all of the shares of the Company," Devine said in a statement.
"The Board and Management of Devine have undertaken a thorough sale process over the past 10 months with several parties undertaking due diligence on Devine resulting in a number of non-binding, confidential and conditional proposals to purchase the shares of the Company."
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"Devine has subsequently worked and negotiated with these parties to reduce the conditionality of the proposals.""These negotiations resulted in the receipt of a final non-binding, confidential proposal for cash that was subject to several conditions.""The conditions have not been able to be satisfied and the Devine Board has determined to terminate the formal sale process."The company said it continued to enjoy the support of its principal financier, ANZ, and was currently re-negotiating the debt facility that expires on 31 August 2015.