Armaguard Seeks New Talks After $26 Million Deal Rejected

Armaguard is seeking a new cash injection offer after rejecting a $26 million (US$16.9 million) deal from the nation’s biggest retailers and banks. On March 28, the currency transfer business turned its back on the package from the Australian Banking Association, the big four banks, Woolworths, Coles, and Australia Post. Instead, parent company Linfox, owned by billionaire Lindsay Fox, will pump $10 million (US$6.5 million) into business as Armaguard works to find solutions to its financial woes. It is understood the business is seeking to negotiate a new way forward with the banks and retailers. Armaguard chief executive Mick Cronin said the company rejected “the timing ultimatum” put forward by the group....