Harvey, MyerEmco Call off Merger
MyerEmco Audio Video announced Wednesday morning that it has elected to pull out of its agreement to be acquired by Harvey Electronics, and will continue to be independently operated.
“I have enjoyed my interactions with the Harvey team and felt great about the transaction,” MyerEmco CEO Jon Myer said in a company statement. “However, MyerEmco AudioVideo has had great success for 52 years as an independent audio/video specialist, and Gary Yacoubian and our team are energized to move forward as such.”
No specific reason has yet been given for the termination of the merger.
The deal, in which New York-based Harvey was to have acquired the Washington, DC-located MyerEmco for $10 million, was originally announced in May; the parties said in late July that the merger was being pushed back to mid-August.