Hurray, Enlight call off proposed merger
SHANGHAI, March 7 (Reuters) - Hurray! Holding Co Ltd (HRAY.O: Quote, Profile, Research, Stock Buzz), a China-based artist development and wireless music company, said it has terminated its proposed merger with Enlight Media by mutual consent.
Hurray and unlisted Enlight, an entertainment production firm, called off the deal due to "a divergence in business strategies and a mutual determination that a combination would not be in their mutual interests," they said in a statement issued late on Thursday.
In December, Hurray also said it had terminated an agreement to form a joint venture with Beijing TV Media Co Ltd.
Hurray shares have slumped 18.2 percent in the last three trading sessions on the Nasdaq after rumours first emerged that the merger was in trouble. (Reporting by Sophie Taylor; Editing by Doug Young)
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