Vonex (ASX:VN8) today confirmed it will terminate its scheme implementation deed with Maxo Telecommunications, ending the proposed Scheme, subject to Supreme Court approval, according to a Thursday filing with the Australian bourse.

The company continues to recommend shareholders accept MaxoTel's AU$0.440 cash offer, set to close on Jan. 28, the filing said.

The decision to terminate the SID follows opposition from Swoop Holdings (ASX:SWP) unit Swoop Telecommunications, which controls around 20% of Vonex's shares and has stated it will vote against the Scheme, the filing added.

Both Vonex and MaxoTel have agreed to end the arrangement without any break fee payable, MaxoTel also confirmed it will not extend its cash offer past the deadline the company said.

Vonex also urged shareholders to reject Swoop's off-market scrip offer, which cannot proceed due to MaxoTel's 52.92% stake. The Swoop offer, set to expire on Jan.31, is contingent on Swoop reaching 50.1% of Vonex shares, the company added.

The company will review its options for repaying its AU$23 million debt facility, including talks with other debt providers and a potential capital raise.