Golden Apple Holding Company (GAHC), based in Miami, officially withdrew its proposal for the acquisition of Universal Insurance Holdings Inc., also headquartered in Florida. GAHC is a wholly owned subsidiary of Navigator Ventures Inc.
GAHC said its letter of withdrawal was sent to Universal’s Board of directors as well as the institutional investors who approached Golden Apple and encouraged its offer. The withdrawal was prompted when Golden Apple encountered opposition from Universal’s Management, which appeared to be contradictory to the invitation from the institutional investors.
Prior to the withdrawal letter, Golden Apple indicated to the major institutional shareholders that it would look at this acquisition again only if it received a clear mandate from both the board of directors and institutional investors that they were both in agreement to enter into exclusive discussions and due diligence about a potential acquisition with GAHC. GAHC also stated to the institutional investors that any further discussions would be pursuant to the terms and conditions that GAHC originally proposed.
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