When PC Connection Inc. called off its acquisition of Cyberian Outpost Inc., Cyberian didn’t let the grass grow under its feet. In fact, when PC announced the failed deal last Tuesday, Cyberian revealed a new takeout partner, Fry’s Electronics Inc. And PC’s chief financial officer said it has no planned acquisitions in the future. More than two weeks before, the two companies, which signed a collared definitive in May, cancelled the deal. Cyberian announced that it may not meet the net worth condition in the merger agreement, and PC would not waive the condition. If PC’s stock fell below $10.12, Cyberian could walk away from the deal. Under the terms of the deal, Cyberian shares would be ex-changed for, at most, 0.05 PC shares. Under ideal circumstances, $10 million market cap Cyberian would have fetched 63 cents share, or $18 million, in a deal.
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