Chuck (via posters here) just recently said talks are still ongoing. What use does it have to delay bad news and to what extent? To me it is the opposite. And according the rumors, it may be so that acquisition talks turned into merger talks and need more time. Eventually, time is the only truth teller.
I have been very suspect of the proposed deal the entire time. The market cap of PIHN and the supposed revenue and profit margin of the target seems too far fetched.
The only thing that seems like a possibility is a reverse merger, but the Japanese presence seems to me to be a hindrance to that unless the "acquirer" has some connection to Japan other that Kuni.