Buffalo, NY (WBEN) Trocaire College says it's ending its efforts to acquire Medaille University. The school, in announcing the decision, says there were significant human and financial resources invested by both institutions.
Trocaire issued the following statement Thursday afternoon: “Efforts towards completing an asset purchase between Trocaire College and Medaille University have terminated. This is not the outcome we strived for as significant human and financial resources have been invested by both institutions in the attempt to consummate the proposed transaction. This is on top of the emotional effort expended by many board members, senior leadership and faculty and staff at both institutions who worked so diligently on this matter over the last several months," says school president Dr. Bassam Deeb.
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“We knew from the outset that this would be an extremely challenging endeavor given the complexities of the acquisition. These are extremely challenging times for the higher education sector given shrinking demographics, especially in Western New York, fewer eligible students opting to go to college, and the lingering effects of COVID among others. While this is an extremely disappointing announcement, it was a goal worth pursuing," adds Deeb.
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Medaille confirms the news with this statement: “The previously announced integration between Medaille University and Trocaire College will not be moving forward. Because the two institutions remain obligated to keep certain legal and business matters confidential, we are not able to disclose specific details of the termination. However, we are disappointed with this outcome. The Medaille University Board of Trustees will be meeting tomorrow to discuss next steps, and we will inform our students, faculty, staff and community of any decisions made. We thank all our board members, administration, faculty and staff who worked diligently in pursuit of the integration of our institutions, and we express our appreciation to ourcounterparts at Trocaire for working with us to explore and advance this important effort.