Merger talks between LibertyOne and an unnamed company, widely reputed to be China.com, fell apart yesterday as the Internet company simultaneously lost its CEO, Warren Lee.
According to a company statement, ongoing negotiations were aborted due to not being able to resolve "a number of material and commercial concerns".
Trade in LibertyOne shares was suspended on Tuesday at $2.02 at the request of LibertyOne due to the intense interest in the deal.
The company's shares copped a hammering on the ASX yesterday after it opened at $1.35 and fell to $1.30 before climbing back to a "high" of $1.67 and closing at $1.56. A total of 15,369,191 shares exchanged hands.
Managing director Graham Bristow has been appointed the company's new CEO and plans to review "a number of acquisition and joint venture opportunities".
There was no explanation for Lee's departure, though he was thanked for his "contributions to LibertyOne".
Jack Surdoval, previously a senior manager with Deloitte Touche Tohmatsu, was appointed as the chief financial officer.
Despite the attempt to inject stability into what has been a roller-coaster ride for LibertyOne over the last couple of weeks, the company's plan to list on Nasdaq next year will keep it in the limelight.