Kornblum deal Incentive calls it off

Incentive Design Group of Toronto has cancelled its acquisition of Kornblum International.This past November, Incentive Design announced its intention to buy Kornblum and merge it with its Toronto agency, The Communique Group.By Dec. 17, when the deal was called off, Kornblum...

Incentive Design Group of Toronto has cancelled its acquisition of Kornblum International.

This past November, Incentive Design announced its intention to buy Kornblum and merge it with its Toronto agency, The Communique Group.

By Dec. 17, when the deal was called off, Kornblum had already moved into the Communique office.

Geoff Genovese, Communique chairman and chief executive officer, says after closer examination, unexpected financial developments regarding Kornblum made it impossible to complete the deal.

Genovese does not know the plans of Warren Kornblum, chairman of Kornblum, or the Kornblum staff working at Communique.

‘We’re not closing the agreement, and we don’t own the company,’ he says. ‘The ball’s in their court.’

Warren Kornblum, who was to take over as Communique president after the merger, is out of town and unavailable for comment.