Crypto lending platform Nexo has submitted an updated takeover bid to acquire Vauld.
Vauld CEO Darshan Bathija has previously said that “negotiations, unfortunately, did not succeed.”
The parties have been discussing the takeover since July, when Vauld suspended operations and announced a possible restructuring of the business.
After the conclusion of the preliminary agreement, Nexo extended the deadline for making a final decision twice.
The company has said its proposal was misrepresented. The platform has said in a statement:
“The terms of the deal in the October 10, 2022 presentation to the creditor committee [Vauld] were not presented by Nexo, but were drafted by Kroll without approval. The behavior of Kroll Singapore raises many questions regarding an objective and independent approach as an administrator of possible restructuring scenarios.”