Crypto lending platform Nexo has submitted its final offer by writing a letter to Vauld creditors.
Nexo started negotiations with Vauld for a potential acquisition last July. It was thought that the final steps were taken for the sale of Vauld, which was suffering from liquidity problems, to Nexo. However, six months later, it was reported that potential acquisition talks of Nexo and Vauld were terminated. Upon the notification received yesterday, Nexo took the stage one last time and said that he did not give up.
Nexo Continues Deal Negotiation Initiative
Nexo says it is not giving up on its attempt to strike a deal with rival crypto lending firm Vauld.
Darshan Bathija, founder and CEO of Vauld, sent an email yesterday to the firm’s creditors stating that the potential deal was cancelled. Not long after, Nexo sent an open letter to Vauld’s creditors that it wasn’t over yet.
The letter includes Nexo’s final offer to Vauld, which includes some changes to the previous offer he made earlier this month. The open letter also alleges that Vauld’s financial adviser, Kroll, misrepresented and manipulated Nexo’s previous offer when presenting it to Vauld’s creditors.
The letter includes:
“The ‘Nexo Terms of Agreement’ included in the presentation made at the CoC (committee of creditors) meeting on October 10, 2022, were not provided by Nexo, but were put together by Kroll without Nexo’s prior knowledge. Kroll Singapore’s behavior raises many questions about the manager’s objective and independent approach to presenting possible restructuring scenarios, rather than actively pushing a self-serving agenda for a fund manager’s involvement.”
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