A PYMNTS Company

Sweden: US gov’t shutdown forced changes to manufacturer’s buyout plans

 |  October 8, 2013

Sweden-based manufacturer SKF said it has modified its plans to close the buyout of Kaydon Corp. due to the US government shutdown while announcing Tuesday it received approval from competition regulators in both the US and Germany.

The planned acquisition of Kaydon, based in Michigan, was made last month for $1.14 billion and received approval from the board of directors for both parties.

The approvals came after SKF modified its plans by waiving the merger’s requirements that the US Committee on Foreign Investment clear the deal, due to the ongoing government shutdown. Despite the change, the company says it was not notified by regulators of any competition concerns and that it expects the deal to close within the fourth quarter.

Full Content: Businessweek

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.