The TC Group has issued a statement in which it announces that merger discussions with Gibson Guitar have been discontinued.
The statement reads:
"TC Group, an international leader in sound processing, amplification, computer recording and speakers (of which Lab.gruppen is a part), and Gibson Guitar, the world's premier musical instrument manufacturer and leader in music technology, announced that they have discontinued discussions regarding a potential merger between the two companies. The decision followed an intensive effort by both parties to consummate the deal within the targeted timeline, but a number of issues remained unresolved, and both Gibson and TC agreed that it was best that the merger proceedings not continue.
TC Group's goal is to continue to produce and distribute innovative and respected high-performance audio products for business partners around the world. Gibson Guitar remains loyal to its many customers and will continue to dedicate its future to producing the best musical instruments in the world while engaging and building its family of brands through innovative technology and potential new business partners."