Clarus Corp., the American holding company of Black Diamond Equipment and other operations, said it has cancelled its planned acquisition of an American case maker, SKB, by mutual agreement with the sellers as a result of the uncertainties created by the coronavirus pandemic. Clarus would have had to pay $85 million in cash and transfer 1,153,846 of its own shares to the sellers under a definitive agreement signed on March 12.

Furthermore, to save more cash, Clarus’ board of directors has decided to temporarily replace its quarterly cash dividend with a stock dividend. Shareholders will be entitled to receive 69,662 shares on May 22 with a market value of about $743,991, based on their closing price on April 30.