TPC Consolidated (ASX:TPC) said that approval from the Foreign Investment Review Board (FIRB) for the acquisition of the firm by Beijing Energy International (Australia) unit Wollar Solar Holding was not secured by the sunset date under the scheme of arrangement of Nov. 28, according to a Monday Australian bourse filing.

Wollar Solar informed TPC that it continues to engage actively with the board in relation to its acquisition application, and that the board has granted a further extension to facilitate the ongoing review.

As the condition precedent was not satisfied by its sunset date, if either TPC or Wollar Solar serves a written notice on the other and the parties cannot agree in good faith on how to proceed with the transaction within five business days of delivery of the notice, the scheme implementation agreement may be terminated. Neither firm has served such a notice.