AuGRID not to acquire 100% stake in Silver Star Capital

The shareholders and management of AuGRID Global Holdings Corporation have rejected the company's proposed acquisition of Silver Star Capital Holdings, Inc. (formerly PokerBook Gaming Corporation). Both the companies are based in the US.

AuGRID is a holding company engaged in the activities such as minerals and mining, consumer electronics, and security-based systems, while Silver Star Capital is an acquisition, holding, and management services company which seeks the consolidation of a diversified portfolio of companies engaged in eco-friendly and environmentally responsible technologies and services.

Announcement (May 20, 2009):

AuGRID has signed a letter of intent (LOI) to acquire Silver Star.

Under the terms of the LOI, AuGRID is planning to acquire 100% of the outstanding equity securities of Silver Star, with AuGRID being the surviving entity.

As a part of the consideration, AuGRID will issue common stock for all of the equity securities of Silver Star with the final conversion ratio to be determined prior to closing.

Following the completion, AuGRID will change its name from AuGRID Global Holdings Corporation to Silver Star Environmental Holdings, Inc.

Deal Type    Acquisition
Sub-Category 100% Acquisition
Deal Status  Terminated: 2009-06-26

Deal Participants

Target (Company)   Silver Star Capital Holdings, Inc.
Acquirer (Company) AuGRID Global Holdings Corporation

Related terms: acquisition, consumer, electronics, equity, mining, securities, security, silver, technology