The merger is off.
That was the updated report this week from a previously announced merger between the Colonel's Brainerd International Raceway and E-Pawn.Com Inc.
Merger plans were previously reached in an agreement March 22 with the Colonel's International Inc., the raceway's parent company, reporting a share-for-share deal. The merger was previously expected to be finalized with approval of the Colonel's shareholders at a May 10 meeting.
E-Pawn.Com is a software development and online auction company. Earlier, Eli Leibowitz, president of E-Pawn.Com, described his company as an "upscale" ebay.com.
Leibowitz could not be reached for comment today. A Business Wire report quoted Liebowitz as saying in view of E-Pawn's current acquisition program and global expansion, "the majority of shareholders believe that the termination of the proposed merger with The Colonels is in the best interest of the company and its shareholders."
Donald J. Williamson, chairman of Colonel's International, said he could not recommend the merger to the shareholders. "Everybody got together and decided it was not the best suitable marriage for everybody involved," Williamson said.
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