Pomona College and Claremont Graduate University announced in parallel statements Thursday afternoon that they have entered exclusive negotiations on a “potential partnership,” described as a parent-subsidiary structure. Sources familiar with the matter told the Independent that the institutions’ respective boards signed only a non-binding letter of intent, meaning negotiations could be broken off at any point.

Pomona College is close to entering exclusive negotiations to acquire Claremont Graduate University, multiple sources familiar with the matter told the Independent. CGU, which announced in April that it was seeking “a strategic partner or partners,” was courted by a pool of suitors including Arizona State University, Loyola Marymount University, and Northeastern University.