- POSTED: 03 Jul 2014 22:34
- UPDATED: 03 Jul 2014 22:35
Global Yellow Pages' plan to buy Gloria Jean's Coffees falls through.
SINGAPORE: Singapore company Global Yellow Pages' (GYP) plan to buy several assets including the Gloria Jean's Coffees brand and master franchisor business for A$35.6 million has fallen through.
In a filing on the Singapore Exchange late on Thursday (July 3), GYP said the vendor had stated, in a letter dated 2 July, that the deal was off because certain conditions had not been fulfilled or waived.
GYP will use the funds, which came from a rights issue, to fund future acquisitions that it will be actively pursuing.
Gloria Jean's Coffees is a specialty coffee and coffee house chain with over 800 outlets across 39 countries.