Avila energy announced today that Insight Acquisition has sent a notice of default, and that it intends to terminate the business combination agreement signed in April — if the alleged default is not cured by July 26.
“Despite the successful negotiation and settlement executed and announced on June 26, between Avila Energy Corporation and MTT, Insight Acquisition Corp. has provided notice that it is not satisfied that Avila has cured its concerns and has chosen to put Avila on notice that it intends to terminate the business combination agreement (BCA),” Avila said in a press release.
Avila said following internal discussions it feels that Insight's decision is short sighted and does not change the company's focus on its business plan and core businesses, “which are no different than what were presented to Insight at the time of the execution of the BCA,” the company said.
Avila is an established producer, explorer, and developer of oil and gas in Western Canada. At deal announcement less than three months ago, the transaction with Insight was valued at $192.6 million. Read more.