from www.bizjournals.com -Rick’s Cabaret International Inc.’s $45 million deal to acquire competitor VCG Holding Corp. has fallen through.
The Houston-based gentlemen’s club operator said early Thursday that it was not able to enter into a definitive merger agreement to acquire all of VCG’s outstanding stock.
The companies’ letter of intent expired on March 31, Rick’s said in a statement, without providing further specifics.
Houston-based Rick’s currently operates 18 nightclubs in seven states while Lakewood, Colo.-based VCG Holding es 20 clubs in 10 states.
The transaction, originally announced on Feb. 16, would have created the largest publicly traded operator of gentlemen’s clubs in North America.
