Carpenter amends merger agreement with Latrobe
Carpenter Technology Corporation has amended its merger agreement with Latrobe Speciality Metals.
International business negotiation may be used by Carpenter Technology Corporation, which has announced it has gone into an amendment of the merger agreement it made with Latrobe Speciality Metals owners.
Two principal elements exist to this. One is that certain aspects of the deal are modified to reflect Latrobe's anticipated higher working capital at the time of closing, enabling Carpenter common shares to be put into escrow and requiring the firm to pay further transaction costs.
Furthermore, the other gives the enterprises additional time to be given antitrust approval by extending the date in which the merger agreement can be terminated by either of the participating organisations.
This is in the event that the merger has not been consummated by between January 16th and April 30th 2012.
Carpenter is thought to have filed Form 8-K with the Securities and Exchange Commission yesterday (Tuesday January 17th).
Latrobe supplies and manufactures metals for sectors including defence, aerospace, hydrocarbon and energy.
Posted by Ken Hayes
Source: Carpenter Technology Corporation Press release, January 16th