The decision followed an intensive effort by both parties to consummate the deal within the targeted timeline, but a number of issues remained unresolved, and both Gibson and TC agreed that it was best that the merger proceedings not continue.
A statement reveals that TC Group's goal is to "continue to produce and distribute innovative and respected high-performance audio products for business partners around the world," adding that "Gibson Guitar remains loyal to its many customers and will continue to dedicate its future to producing the best musical instruments in the world while engaging and building its family of brands through innovative technology and potential new business partners".
(Claire Beeson)
