Med announced the termination of negotiations with Axel to implement the non-binding Memorandum of Understanding (MOU), which provided for the merger by acquisition of Axel by Med.

Med's announcement in detail:

MED announces the termination of negotiations with the company Axel for the implementation of the non-binding Memorandum of Understanding (MOU), which provided for the merger by absorption of 'AXEL ACCESSORIES S.A.' from 'MED A.B.E.E.'.

It is recalled that the non-binding memorandum provided that the parties would enter into a merger by acquisition with an increase in share capital, whereby AXEL, following its dissolution and without going into liquidation, would transfer all its assets and liabilities to MED.

For their part, AXEL's existing shareholders would have held between 6,95 % and 7,05 % of the paid-up capital of the acquiring MED, and would have undertaken to retain all their shares for one year after their acquisition and at least 50 % in the second year.