Peter Warren faces $28M acquisition timeline deadlock

• The vendors of Wakeling Automotive have refused to extend the transaction deadline past July 2.
• The market update left the company share price steady at $0.97.
• The company is attempting to restructure its regulatory strategy to save the planned expansion.

Peter Warren Automotive (ASX:PWR) stated that the vendors of Wakeling Automotive will not extend the July 2 deadline for the proposed $28 million acquisition.

The acquisition timeline was previously extended by mutual agreement from May 2 to allow regulatory reviews to finish.

The company had withdrawn its initial merger application to submit a new Phase 1 proposal with an upfront remedy on June 12.

Although the vendors agreed to the new filing, they subsequently informed the company of their decision to maintain the current expiration date.

Following the announcement, the Peter Warren share price was unchanged at $0.97.

The transaction was originally intended to add 30 dealerships and 16 automotive brands to the group's retail portfolio.

The company stated that it continues to work on the transaction despite the impending sunset date.