Deal to Buy Neptune Society Is Called Off
A proposed deal in which a private firm controlled by Walt Disney’s great-nephew was to buy Sherman Oaks-based Neptune Society Inc. for $11.5 million in cash has been called off.
Neptune, one of the nation’s largest publicly traded cremation services firms, said both parties agreed to terminate their letter of intent. In August, Apogee Cos., a Burbank-based investment firm headed by Roy P. Disney, offered to buy Neptune’s operating assets and assume the company’s $7.4 million in debt.
When the deal was announced, Neptune had cautioned that there was no assurance that the acquisition would be completed as planned.
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