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Hill & Smith Abandons Corbetts Acquisition After Competition Review

Thu, 9th Jul 2015 17:12

LONDON (Alliance News) - Hill & Smith Holdings PLC Thursday said it has abandoned its proposed acquisition of W Corbett & Co (Galvanizing) Ltd after the UK Competition and Markets Authority did not accept the undertakings it offered to address competition concerns.

The infrastructure products and galvanising services company said it offered certain undertakings with a view to address the CMA's concerns. "Unfortunately the CMA believes that these undertakings will not remedy the concerns identified by their Phase 1 review," the company said in a statement.

"We are disappointed that these undertakings have not been accepted and consequently having reflected on the costs and uncertainty involved in a Phase 2 process, we have decided to abandon the transaction," Hill & Smith added.

Hill & Smith had agreed in April to buy Corbetts, which operates two galvanizing baths from a modern purpose-built facility in Telford, for an enterprise value of GBP10.5 million.

Shares in Hill & Smith closed down 0.6% at 661.00 pence Thursday.

By Karolina Kaminska; @KarolinaAllNews

Copyright 2015 Alliance News Limited. All Rights Reserved.

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