The struggling air courier company AirNet Systems Inc. has lost some business and a suitor.
The Columbus, Ohio, company said Friday that it had not been able to reach an agreement with the private equity company that had been negotiating to buy it. It did not name the company but said its exclusive purchase right under an Oct. 26 letter of intent expired Thursday.
"We are disappointed that we have been unable to reach a definitive agreement," said James E. Riddle, the lead director of a special committee AirNet established to oversee sale efforts, in a press release.
The board plans to focus now on operating AirNet as an independent company, though "if we receive an offer for a qualified potential acquirer, we will consider it," Mr. Riddle said.
AirNet delivers paper checks for banks, but many are now transmitting checks to each other as electronic image files, reducing the demand for its services. (The company also delivers copies of American Banker.)
A major bank customer has said it will reduce its use of AirNet's services March 3, the company revealed last Tuesday in a Securities and Exchange Commission filing. It did not name the customer but said the work involved brought it $400,000 of revenue in the third quarter.
The news drove down AirNet's stock price. It closed at $3.67 Friday, down 8.48%.
