But in a statement on the Liverpool website, Hicks said: "I have decided to terminate further discussions with DIC.
"I and my colleagues will continue to explore a number of other options with regard to the ownership of the club."
Talks had been taking place between DIC and Hicks about how a joint relationship would work.
George Gillett, Hicks' co-owner, is understood to have agreed in principle to sell 49% of his 50% stake to DIC, and the other 1% to Hicks to give the Texan a controlling interest.
Hicks added: "DIC made it clear that if they invested in the club, they would want it to be managed by committee.
"It is clear to me that such a committee approach would not be in the best interest of Kop, of the club or of the club's loyal and passionate supporters."