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Plukka terminates The Food Box acquisition

Australian jeweler Plukka Ltd. said May 16 that it has decided to terminate its acquisition of The Food Box.

The Melbourne-based specialty store chain cited changes in The Food Box's board and management team, slower than expected revenue build-up and timing uncertainty as the reasons for its decision.

Plukka announced its plans to acquire The Food Box in October 2018, subject to several conditions.

Plukka said it believes the termination is in the best interest of its shareholders and will allow the company to consider other acquisition opportunities.