BUFFALO, N.Y. (WIVB) — The purchase of Medaille University by Trocaire College has been terminated, a PR firm representing Trocaire announced in a Thursday press release.
The release said that the “complexities of the acquisition” made it “extremely challenging.”
“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,” Trocaire President Dr. Bassam Deeb said in the release. “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.”
Dr. Deeb called the announcement “extremely disappointing,” but said the goal of purchasing Medaille was worth pursuing.
Medaille released a statement Thursday afternoon, confirming the termination of the announced integration.
“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,” Medaille Interim President Dr. Lori Quigley said in the announcement. “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.”
On May 1, Medaille announced it would be laying off 419 employees prior to the planned July 31 integration. In late 2022, prior to the April 4 integration announcement, Trocaire acquired six properties from Medaille.
Medaille thanked all members of its board, administration, faculty, and staff for working toward the integration, as well as Trocaire for exploring the endeavor.
“We will provide more information about our next steps as it becomes available,” the Medaille announcement said.
Adam Duke is a digital producer who has been part of the News 4 team since 2021. See more of his work here.