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October 19, 2005 - German company Agfa Photo will be no more on the last day of 2005, now that creditors have just rejected a takeover offer by UK-based Photo-Me International PLC. A spokesman for Agfa Photo, Tom Schultz, said the talks disintegrated because financial details of Photo-Me’s offer had changed, though no spokesman for Photo-Me was willing to comment.
Schultz said that pieces of Agfa Photo would be sold off separately, and that Fuji had expressed an interest and will likely make an offer as soon as tomorrow.
Agfa filed for insolvency earlier in 2005 after it was not able pay its employees’ salaries.