Drycast concrete producer abandons proposed acquisition of competitor after FTC seeks to block the transaction | Practical Law

Drycast concrete producer abandons proposed acquisition of competitor after FTC seeks to block the transaction | Practical Law

On 14 January 2009, the US Federal Trade Commission (FTC) announced that it had voted unanimously to issue an administrative complaint challenging Oldcastle Architectural, Inc.'s (Oldcastle) US$540 million acquisition of the Pavestone Company, LP (Pavestone). The FTC also voted unanimously to authorise FTC staff to file a temporary restraining order and a preliminary injunction in federal district court in order to prevent the parties from consummating the transaction until after the FTC could hold an administrative trial. Oldcastle announced a day later that it had abandoned its proposed acquisition of Pavestone.

Drycast concrete producer abandons proposed acquisition of competitor after FTC seeks to block the transaction

by Practical Law
Law stated as at 15 Jan 2009 • USA (National/Federal)
On 14 January 2009, the US Federal Trade Commission (FTC) announced that it had voted unanimously to issue an administrative complaint challenging Oldcastle Architectural, Inc.'s (Oldcastle) US$540 million acquisition of the Pavestone Company, LP (Pavestone). The FTC also voted unanimously to authorise FTC staff to file a temporary restraining order and a preliminary injunction in federal district court in order to prevent the parties from consummating the transaction until after the FTC could hold an administrative trial. Oldcastle announced a day later that it had abandoned its proposed acquisition of Pavestone.