Carpenter Technology Corp. and Latrobe Specialty Metals Inc. have changed some terms of Carpenter's planned $558 million acquisition of the Westmoreland County company, including the deadline for completion.
The deal was to have been closed by Monday, but now, the companies have until April 30 to obtain antitrust clearance, and if that isn't approved, either may walk away, Wyomissing-based Carpenter said Monday.
Another change reflects Latrobe's expected higher level of working capital by the closing date; it allows for a smaller number of Carpenter shares to be put into an escrow account for Latrobe's underfunded pension plan and requires Carpenter to pay additional costs.
More detail is expected in a securities filing today.
