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Crypto Lender Nexo Canvasses Vauld Creditors Directly With Final Takeover Offer
In an open letter, Nexo said earlier offers were misrepresented and it wanted to deal directly with the creditors.
Crypto lender Nexo sent an open letter to creditors of Singapore-based rival Vauld, which it’s seeking to buy, after Vauld said it had suspended all withdrawals, trading and deposits on its platform, filed for creditor protection and was looking at restructuring options.
The letter, sent Monday, comes amid conflicting assessments of the acquisition process. Vauld said earlier in the day that the deal announced in July had “not come to fruition.” Nexo responded by saying talks were continuing and it still hoped to complete the purchase. Vauld has until Jan. 20 to work on a restructuring plan.
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According to the open letter, a copy of which was sent to CoinDesk, Nexo had presented a revised proposal on Dec. 2. It said that the team negotiating the transaction “faced daily challenges, such as receiving slow and incomprehensive financial and legal due diligence information,” and that terms of the deal presented to Vauld creditors were “misleading.”
"The intention of this communication was to create transparency to Vauld’s creditors, where it has been insufficient, regarding the merits of Nexo’s acquisition plan, as well as to contribute final improvements to some of the proposal’s commercial terms based on feedback from Vauld’s community," the letter, signed by Nexo Management, said.
Kroll, Vauld's financial adviser, didn't immediately respond to a request for comment.
Read more: Crypto Lender Vauld Receives Creditor Protection Extension
Sheldon Reback
Sheldon Reback is CoinDesk editorial's Regional Head of Europe. Before joining the company, he spent 26 years as an editor at Bloomberg News, where he worked on beats as diverse as stock markets and the retail industry as well as covering the dot-com bubble of 2000-2002. He managed the Bloomberg Terminal's main news page and also worked on a global project to produce short, chart-based stories across the newsroom. He previously worked as a journalist for a number of technology magazines in Hong Kong. Sheldon has a degree in industrial chemistry and an MBA. He owns ether and bitcoin below CoinDesk's notifiable limit.
