THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Saturday, July 13, 1996 TAG: 9607130186
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
SOURCE: BY MYLENE MANGALINDAN, STAFF WRITER
LENGTH: 34 lines
A proposed merger between Williams, Tazewell and Associates, Architects and Interior Designers of Norfolk and the TAF Group of Virginia Beach has been called off.
E. Bradford Tazewell Jr., chairman of Williams, Tazewell and Associates, confirmed that ``preliminary'' discussions between the two organizations had been held. But he also said that those discussions ``have not led to any agreement to merge the two firms as was reported.''
``This merger is not going to happen,'' Tazewell said. ``It seemed promising. It never developed.''
He declined to elaborate.
The TAF Group said Thursday that the deal had been completed, and even offered some details, The Virginian-Pilot reported Friday.
In a prepared statement issued Friday, Oliver P. Farinholt, president of the TAF Group, said ``essential business terms have been agreed upon by both parties.'' He said that the two firms had ``executed a letter of intent on July 3, 1996'' to merge.
Farinholt's statement did not explain why the merger fell apart.
``We hope to resume pursuit of this transaction as soon as possible,'' Farinholt said.
But Bradford Tazewell insisted Friday the deal is dead.
``There will not be a merger,'' he said.
Friday's news account incorrectly named Tazewell Building Associates as one of the parties involved in the proposed merger. There is no connection between Williams, Tazewell and Associates and Tazewell Building Associates. by CNB