Two days after announcing an agreement to buy Mondrian-Hall, which itself filed for bankruptcy protection on July 8 of this year, Unisource Canada has now canceled an earlier agreement to purchase Gould Paper.
Unisource explained its decision in a single-sentence statement made on July 16: “Unisource Canada Inc. has been unable to reach a conclusive agreement with respect to the acquisition of Gould Paper Canada Ltd. in a timely manner and, as a result, has decided not to pursue the acquistion further at this time.”
The original agreement to purchase Gould was made in mid-May 2009. On July 14, Unisource announced its intentions to purchase national wide-format equipment distributor Mondrian-Hall, which is a deal it expects to close by mid-August. On July 8, Mondrian-Hall filed for bankruptcy protection under the Companies’ Creditors Arrangement Act., through RSM Richter.