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Image courtesy of Jérôme Dessommes/Wikimedia Commons.

A $1.5 billion bid by Alfa SAB and Harbour Energy to take over Colombia-focused Pacific Rubiales Energy was canceled on Wednesday amid push back from some shareholders.

Pacific Rubiales Energy said the companies asked for the arrangement agreement they had entered into on May 21 to be terminated effective immediately.

Mexico-based Alfa and Harbour Energy had agreed to acquire all of Pacific’s outstanding common shares not already owned by Alfa or held by the company for $5.10 per share, or C$6.50, in cash.

The purchasers would have also assumed Pacific’s debt.

Pacific Rubiales added that senior note consent solicitations previously announced on June 4 and amendments to the company’s senior credit agreements announced on June 11 will not become effective as they were conditional on closing the deal.

“The company will continue with its plans to reduce operating costs, divest non-core assets, reduce debt, and continue to pursue Mexico energy opportunities with our preferred joint venture partner ALFA,” Pacific said.

Pacific Rubiales will not have to pay a termination fee for the cancellation.

The company did not provide a reason for the termination.

According to Reuters, O’Hara Administration Company, owner of a 20 percent stake in Pacific Rubiales, opposed the deal.

Proxy firm Institutional Shareholder Services also advised clients in June to vote no on the sale because it said the purchase price was not high enough.

Alfa President Alvaro Fernandez told the Wall Street Journal that the buyers walked away from the deal because “we are not willing to change our offer.”

A spokesman for Pacific Rubiales told the paper that the company does not plan to adopt suggestions made by O’Hara to try and attract a higher bid and added that Pacific has not been in contract with the firm.

O’Hara told the Wall Street Journal it was “pleased” with the outcome.

“As one of the company’s largest shareholders, we look forward to engaging with various stakeholders and playing a constructive role in the company’s future,” O’Hara said.