Fleet News

Tracker merger talks called off

MERGER talks between traffic information network operator Trafficmaster and stolen vehicle tracking system company Tracker Network have been called off. The ending of talks comes just two weeks after it was revealed the two publicly quoted companies were involved in merger negotiations.

In a one-line joint statement from both companies boards they said they were unable to agree terms which they could individually recommend to their shareholders. Following the collapse of talks Tracker shares slumped 100p to 575p and Trafficmaster's slipped 12p to 369p.

A Trafficmaster spokeswoman declined to comment further on the statement but Tracker Network chairman Ralph Kanter said: 'We talked amicably. It was a good idea and there was a lot of fit between both companies but we could not agree terms. It is business as normal for Tracker.'

The company's latest results show continued growth in unit sales, turnover and profit. For the six months to June 30, Tracker has reported a pre-tax profit of £451,000 on turnover of £6.867 million, compared to a loss of £164,000 on turnover of £5.022 million for the first half of 1996. Tracker first moved into profit in the second half of the last financial year. Sales increased during the first half of this year by 22.3% and that growth continued through July and August with sales up 30% year-on-year.

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