Oakmont Acquisition Corp., Bloomfield Hills, Mich., has terminated its transaction to acquire One Source Equipment Rental, LLC, one of the largest independent construction equipment rental companies in the Midwest, due to certain technical issues related to an audit scope qualification contained in the audit report issued in connection with One Source's 2003, 2004, and 2005 financial statements.
“Although we had high expectations for the OSE transaction, we could not overcome certain unexpected technical issues that make the closing of the transaction impractical,” said Robert J. Skandalaris, Oakmont's chairman and chief executive officer. After reviewing other opportunities available, Oakmont has now entered into a letter of intent to acquire all the stock of a specialty finance company that lends primarily to small businesses.
Oakmont originally announced entering into the definitive agreement to acquire One Source Equipment Rental last summer. The acquisition would have totaled approximately $41 million.
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