La Porchetta acquisition no longer pushing through
RFG terminates the ongoing acquisition.
Last August, Retail Food Group announced that it entered a Share Purchase Agreement (SPA) to acquire 70 outlets of La Porchetta. According to the chain, the SPA was subject to a number of conditions which included the "satisfactory completion of the Company's due diligence investigation" however this was not satisfied, and as a result, the SPA has been terminated.
RFG announced yesterday that is it currently engaging with La Porchetta vendors in connection with the matters which have influenced the above outcome, and will keeep the market advised of any further developments in this respect.