Neighborhood Intelligence — formerly Bed Bath & Beyond, Inc. — will no longer acquire national real estate holdings firm Fathom Holdings. The group’s respective boards “mutually agreed” to terminate the merger, according to a press release.

News of the merger initially surprised the real estate industry this June, when it was announced that Bed Bath & Beyond would acquire Fathom in an all-stock deal valued at over $53 million.

“We entered into the merger transaction because we believed that combining Fathom’s national real estate and title businesses with Neighborhood Intelligence’s technology, data and other assets had the potential to create long-term value,” said Scott Flanders, chairman of Fathom’s board. “At current valuations, however, we do not believe a merger appropriately reflects the fair value of either company. Fathom has made meaningful progress, and we look forward to exploring data sharing and other areas of collaboration while each company pursues its own strategy.”

The companies reportedly plan to continue to work together, potentially sharing data, technology, relationships and other assets.

Neighborhood Intelligence, however, wants to retain sole ownership of tZERO, its blockchain and digital investment platform.

“After listening to shareholders and reviewing the alternatives, we believe retaining ownership and control of our blockchain assets while allowing tZERO to continue executing its plan is the appropriate path,” said Marcus Lemonis, chairman and CEO of Neighborhood Intelligence. “We are encouraged by the potential of these assets and believe retaining them gives our shareholders the best opportunity to participate in their future value. Separately, we and Fathom have determined that a merger at current valuations would not appropriately reflect the fair value of either company.”