DOW JONES NEWSWIRES
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;
joan.solsman@dowjones.com