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Infor, ECN Capital cancel deal in face of shareholder opposition Add to ...

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The first takeover launched by a Canadian special purpose acquisition corporation, or SPAC, was cancelled Wednesday, as Infor Acquisition Corp. called off plans to merge with lease finance company ECN Capital Corp.

Infor is a $220-million SPAC that was created in 2015 and the company announced plans in July to merge with ECN Capital, which was being spun out of Element Financial Corp. ECN Capital agreed to the merger as a cost-effective way to raise capital that the newly launched company planned to use for acquisitions.

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