In an effort to suggest the decision to terminate was their...

In an effort to suggest the decision to terminate was their decision, the newsletter says this:
"Although there were significant potential cost and revenue synergies from a combination of the two companies, the significant change in outlook for the New Zealand economy and rising interest rates, together with feedback from shareholders, led us to the decision not to proceed with this acquisition."

To suggest you didn't proceed with an acquisition because the economic cycle turned also implies you didn't allow for it when making the investment decision.

This just makes them look even worse.