Vantone Neo Development Group (SHA:600246) agreed to terminate its plan to acquire a controlling stake in US optical communication device developer Source Photonics, according to a Shanghai Stock Exchange disclosure on Tuesday.
The Chinese real estate developer withdrew from the transaction as the parties did not reach an agreement on certain terms, the disclosure said.
In June 2024, Vantone planned to purchase about 60% of Source Photonics for $2.62 per share, Yicai Global reported.
The company's shares dropped 10% in recent trade.
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