Carpenter Tech: FTC Requests More Info About Latrobe Takeover

Date : 08/08/2011 @ 7:12PM
Source : Dow Jones News
Stock : Carpenter Technology Corp. (CRS)
Quote : 53.66  0.7 (1.32%) @ 4:00PM

Carpenter Tech: FTC Requests More Info About Latrobe Takeover

Carpenter (NYSE:CRS)
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Carpenter Technology Corp. (CRS) said the Federal Trade Commission has requested more details about the proposed takeover of Labtrobe Specialty Metals Inc.

In June, the maker of metals and engineered products agreed to acquire Labtrobe from a group of investors for $388 million. At the time, Carpenter said the deal was set to close by the end of September.

On Monday, Carpenter said the FTC has asked for more information about the deal as part of its regulatory review of the merger. The request extends an antitrust waiting period on the deal until 30 days after a response.

The company said it and Latrobe plan to respond quickly to the request and to continue cooperating with the agency to secure antitrust clearance as soon as possible.

Shares closed Monday down 9.8% at $43.97 in the midst of a broad market downturn and weren't active after hours. The stock has risen 9.3% so far this year, better than the wider market.

-By Joan E. Solsman, Dow Jones Newswires; 212-416-2291;

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