Cellnet will need to continue its search for potential takeovers after its leading target ended talks.
The Queensland-based distributor had hoped to land Dicker Data but has had the door closed in its face after the two sides were unable to reach an agreement.
Managing director, David Dicker, was also unhappy about rumours circulating in the industry that the buyout was a done deal.
"I signed a non-disclosure agreement and have kept to it but obviously Cellnet has not," he said.
"I have no desire to get out of the business and the people running it are doing a good job. We will be driving hard in the market and doing everything possible to improve performance."
Dicker sales manager, Chris Price, was glad to draw a line under the speculation and get back to business. "We have had really good growth during the past three months and the next step is to sign up some new vendors," he said.
As recently reported in ARN, ASX-listed Cellnet has drawn up a shortlist of targets that would add significant volumes to its existing vendor contracts, offer complementary brand relationships or improve its geographical presence.
Dicker would have fulfilled two of these criteria by adding a loyal NSW dealer base and, more importantly, significant HP and Toshiba volumes.
Managing director, Adam Davenport, refused to comment on particular targets but said it was making good progress.
"As I said before, the acquisition program is well under way and we have had some very positive discussions with a number of interesting prospects," he said.