Saint Augustine’s University (SAU) officials announced today that it will not move forward with the proposed acquisition

(Raleigh, NC) Saint Augustine’s University (SAU) officials announced today that it will not move forward with the proposed acquisition of Saint Paul’s College in Lawrenceville, VA. On November 20, 2012 the University made the announcement that it was exploring the option of acquiring Saint Paul’s College as it struggled to maintain its accreditation. Founded in 1888, Saint Paul's College is one of three historically black colleges founded by the Episcopal Church. Saint Augustine's University and Voorhees College in Denmark, South Carolina are the other two institutions. After careful due diligence and much deliberation, Saint Augustine’s University has decided that to pursue the acquisition is not a fiscally responsible option. At the request of Saint Paul’s College officials, the Saint Augustine’s University Board of Trustees will allow Saint Paul’s to present a plan to the Saint Augustine’s University Board by May 31, 2013 in hopes of reversing this decision. “This was a very difficult decision to make. We explored several options to in an effort to make the acquisition viable for Saint Augustine's University. However, after completing our due diligence, we concluded that the acquisition of Saint Paul’s College, at this time, would significantly challenge the fiscal stability of Saint Augustine’s University, “said Saint Augustine’s University president, Dianne Boardley Suber.