Josephthal, Lyon & Ross, which let its offer to merge with Rodman & Renshaw Capital Group Inc. expire Friday, has not disclosed whether it will again pursue a union with the Chicago-based company, a Josephthal official said Friday.

Josephthal's proposal in July to combine the two companies was set to expire at 5 p.m., Friday, unless Rodman officials intervened, said Dan Purles, chairman, president, and chief executive officer of Josephthal.

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