US-based Louisiana-Pacific has reportedly ended its planned acquisition of Canada-based plywood substitute maker Ainsworth Lumber, a $$874 million takeover, after regulators demanded more concessions from the companies.
Reports say Louisiana-Pacific released a statement regarding the matter, declaring, “We fundamentally disagree with the analysis by antitrust agencies.”
The statement was offered by Louisiana-Pacific Chief Executive Officer Curt Stevens, who added that the company has no option but to terminate the merger agreement.
The deal was first announced last September and would have given Louisiana-Pacific a stronger foothold in Asian markets held by Ainsworth. But the group announced last week that both Canadian and US authorities blocked the deal unless significant divestitures were made.
Full content: Bloomberg
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