NEW YORK-Citing adverse industry conditions, Rohn Industries Inc. and PiRod Holdings Inc. announced they have terminated their agreement under which PiRod would have fully merged into Rohn in a stock-and-cash transaction valued at $280 million.
Rohn said a slowdown in the deployment of wireless telephone systems has affected the results of operations of both companies and the amount of financing each needed for the transaction.
Rohn now will be required to recognize the $1.1 million in fees and expenses it incurred as a result of the proposed merger in its fiscal first-quarter results.
Earnings will be affected by about 2 cents per share, said the company.
