Strides, Matrix call off merger

Matrix Laboratories Ltd and Strides Arcolab on Saturday called off a planned merger following inability to agree on valuation. 8216;8216;The intention of the merger was based on a strong business strategy and the potential benefits of integration,8217;8217; a joint statement by the companies to the Bombay Stock Exchange said.

8216;8216;It is unfortunate that the agreement could not be reached on valuation, but the managements of the two companies recognise and will harness the strategic relationship envisaged in the rationale of the merger,8217;8217; the statement by Matrix executive chairman N. Prasad and Strides chief executive Arun Kumar said.

8216;8216;Managements of both the companies respect each others businesses and will continue to grow them independently while combining the strengths for mutual benefits,8217;8217; they said.