Everton's attempt to sign Netherlands midfielder Leroy Fer from Dutch title-chasers Twente Enschede collapsed on Wednesday after the player underwent a medical.
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The Premier League club said on their website that the deal was off.
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'' We are extremely disappointed not to be in a position to complete the signing but we always have to consider what is in the best interests of Everton and its supporters ''.
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'' On this occasion it was not the right thing for the football club to do ''.
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The spokesman added that Everton were still looking at options before the transfer window closes on Thursday.
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The two clubs had settled on a fee on Monday but media reports had indicated that Everton wanted to restructure the deal after the medical revealed a problem with the 23-year-old's knee.