Oskar Hjertonsson, co-founder and CEO of Cornershop, posted this thread on Twitter to confirm the company’s decision after the Mexican government opposed Walmart’s acquisition of Cornershop.
I confirm that our acquisition with Walmart is not going forward due to the decision made by Mexican regulators. We respect their decision and there is no turning back.
This past year has been very good. We have multiplied our business many times and hundreds of new shops have entered Cornershop.
Cornershop’s team is good. More than good. It’s impressive. If we were a football team, we would win the world cup against Brazil 10-0.
I want to thank the effort put in by everyone that supported us in this failed attempt at a merger and acquisition (M&A), from our internal team, to the millions of lawyers and accountants, and obviously I want to thank Walmart’s effort, in the US, Mexico, and Chile.
Now what? Keep calm and order even more avocados!
Read the original thread in Spanish here.
Learn more about the M&A attempt:
The behind-the-scenes of the Cornershop acquisition
Mexican Government Opposes Walmart’s $225M Cornershop Acquisition
ASEM opposes COFECE’s resolution on the acquisition of Cornershop
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