NEW YORK (CN) – Presstek Inc. was not required to complete a merger, because the lender of the company that was to be acquired never signed the consent form, a New York Appellate Division ruled.
Presstek and its subsidiary, Silver Acquisitions Corp., explored the possibility of buying A.B. Dick Inc. from Paragon Corporate Holdings.
One of the conditions of the escrow agreement was that Key Corporate Capital, the lender for A.B. Dick, must sign a consent form by June 22, 2004.
Judge Buckley agreed with the trial court that since Key did not sign the consent form, Presstek was allowed to back out of the deal.