Newpark, CCS Drop Merger Deal After FTC Challenge

Law360, New York (November 24, 2008, 12:00 AM EST) -- Oil services provider Newpark Resources Inc. agreed with rival CCS Corp. to drop an $85 million deal to sell Newpark's environmental services business to CCS after the U.S. Federal Trade Commission pushed to block the merger.

The FTC determined in late October that the proposed sale would be anti-competitive and filed suit in federal court to halt the acquisition.

On Tuesday, Paul Howes, president and CEO of Newpark, said while the company disagrees with the FTC's conclusions, CCS has said it does not want to pursue...
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