Think Partnership, formerly CGI Holding Corp., said it won't acquire search marketing firm Proceed Interactive because it did not fulfill conditions of the merger agreement, likely the restatement of Proceed's earnings, in the form of audited financial statements, to have been delivered to Think before August 31, reports ClickZ. Think also ended its month-old merger agreement with offline affinity marketer Member's Edge, saying it was unhappy at the latter's willingness to flirt with a competing offer.

Those setbacks come as Think's affiliate marketing division is trying to recover its business data from Direct Response Technologies, former partner of PrimaryAds and now a competitor to Think's KowaBunga, ClickZ writes.

Think had been on a recent buying spree. In January, CGI merged full-service ad agency MarketSmart, and in March Think acquired UK-based SEM firm smart interactive and affiliate marketing providers KowaBunga and PrimaryAds.