Pool product giant Hayward Industries and Israeli pool-cleaner manufacturer Maytronics Ltd. have stopped exploring the possibility of a merger agreement.

The producers had signed a letter of intent and began to actively negotiate a deal by which Hayward would purchase the maker of Dolphin robotic cleaners. However, Maytronics’ majority shareholder group voted down the proposal, stopping the talks.

According to Maytronics officials, the company is not interested in selling. “The decision not to accept Hayward’s offer... is reflective of their ongoing confidence and optimism regarding the direction of the company,” said Randy Kizitaff, president and CEO of Maytronics US Inc. “Here in the U.S., we are focused on the growth strategy that was put in place when our leadership team was assembled, and we look forward to continuing down that path.”

Added Kizitaff: “They felt that there’s a lot of growth and value still to be achieved by Maytronics, and they didn’t think it was the right time to sell.”

Hayward expressed disappointment that the deal didn’t take place. “... The merger would have been highly complementary and synergistic to both companies, offering our collective customers greater choice and value,” said Robert Davis, Hayward Industries’ president and chief executive officer.