A New Hampshire-based college prep boarding school has decided not to take over the former Southern Vermont College campus in Bennington.

In late October, the Oliverian School and trustees of the former SVC announced an agreement to purchase the 371-acre main campus and buildings off Monument Avenue for $4.9 million. The hope was that the school would move their campus from Pike, NH and open in Bennington for the fall 2020 semester. However, the Bennington Banner reports that since that time Oliverian's officials and consultants had examined the SVC campus, structures and facilities, and last Friday their trustees voted to exercise a right under the purchase and sale agreement to withdraw from the purchase within a 90-day due-diligence period.

In a news release Tuesday, Will Laughlin, Oliverian's head of school said, "During this process, we came to love both this stunning campus and the Bennington community, but after a rigorous examination, we have determined that the economics of this wonderful campus do not work for Oliverian School at this time."