Update: Problems with Two Way-Priority One Merger?

Two Way states “material breaches of the representations and warranties” took place

It appears that some issues may have arisen in the proposed merger between Australian firms Two Way and Priority One, judging by the statement made by Two Way in which it revealed that it has given ‘notice’ to Priority One regarding a ‘number of material breaches of the representations and warranties’ made during the merger implementation agreement.

And although the breaches have not been specified, Two Way still declared that they were discovered as part of due diligence.

Its statement furthermore reads: ‘If the circumstances resulting in the material breaches continue to exist for five business days from the date of the notice, Two Way intends to terminate the merger implementation agreement and not to proceed with the proposed transaction outlined in the Australian Stock Exchange announcements.’

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