PCC Gives More Review Time for SPS Acquisition
PCC Gives More Review Time for SPS Acquisition
Jason Sandefur
Precision Castparts Corp. volunteered to refile with the Federal Trade Commission its pre-merger notification and report form regarding its acquisition of fastener manufacturer SPS Technologies Inc.
PCC’s initial submission on August 26, 2003, was followed by an informal FTC request for additional information about the business of the two companies. After discussion, PCC withdrew its original filing and intends to refile with the FTC and the Antitrust Division of the Department of Justice on September 29, 2003. This will provide FTC staff with more time to review the filing before determining what additional information, if any, the FTC will formally request.
PCC announced in August that it would acquire Jenkintown, PA-based SPS for about $575 million. Including assumption of debt, PCC valued the deal at $729 million.
In a statement, PCC and SPS said they remain committed to working cooperatively with the Federal Trade Commission as it reviews the acquisition. Web: precast.com �2003 FastenerNews.com
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