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Carpenter announces changes in Latrobe takeover agreement.


17 January 2012 - US speciality metals producer Carpenter Technology Corp (NYSE:CRS) said it had agreed to changes in the agreement for the takeover of peer Latrobe Specialty Metals.

The deal worth USD558m (EUR461.9m) in cash and stock was announced in June last year.

Now the parties agreed to extend the period in which the takeover agreement can be cancelled if it is not implemented, to 30 April from 16 January 2012. The move became necessary to allow for more time for getting the required antitrust approvals.

Furthermore, some aspects of the agreement were amended to represent higher projected working capital at Latrobe.

The deal value includes USD170m in repayment of Latrobe's debt.Country: , USASector: Metals/MiningTarget: Latrobe Specialty Metals IncBuyer: Carpenter Technology Corp Deal size in USD: 588mType: Corporate acquisitionFinancing: Cash & StockStatus: AgreedComment: Deal size includes debt repayment.

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Publication:M & A Navigator
Date:Jan 17, 2012
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