RollOnFriday has been told by a number of reliable sources that the Keoghs acquisiton of Plexus has been called off.
The deal had been in the works since at least August. In October, all Plexus staff were dialled in to a conference call with management in which they were informed about the imminent sale of the business. Then, earlier this month, Plexus employees were informed by management that the acquisition by Keoghs would be completed within days.
But, according to RoF sources, the deal went "pear-shaped" over the weekend, and has now been called off.
It leaves the one-time Golden Turd winner in a dreadful position. A petition to wind up Plexus was filed on 9 October. It was subsequently withdrawn. Plexus had also brought in advisory firm AlixPartners to restructure its business.
Read more on Friday.