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Verzatec abandons proposed acquisition of Crane Composites following US DOJ opposition

( May 26, 2022, 20:54 GMT | Official Statement) -- MLex Summary: Verzatec has abandoned its proposed acquisition of Crane Composites for $360 million following the US Department of Justice's lawsuit to block the merger, the DOJ said. The agency filed suit in March alleging that the proposed transaction would harm competition in the production and sale of pebbled fiberglass reinforced plastic wall panels. A trial was initially scheduled to begin Oct. 4. “Verzatec’s proposed acquisition of Crane was a brazen attempt to eliminate its main rival and establish a monopoly in this market,” said DOJ antitrust division chief Jonathan Kanter.Statement follows in full....

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