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Oldcastle Calls Off Pavestone Marriage After FTC Suit

Law360 (January 15, 2009, 12:00 AM EST) -- Facing opposition from the U.S. Federal Trade Commission, the parent company of Oldcastle Architectural Inc. has called off its proposed $540 million acquisition of Pavestone Co. LP.

Dublin, Ireland-based CRH PLC, the world's second-largest maker and distributor of building materials, said it was withdrawing its Hart-Scott-Rodino filing after the FTC initiated an administrative proceeding over the deal.

“CRH and Pavestone regret that as a result the transaction will not now proceed,” the company said.

FTC officials said Thursday that the move by CRH was a win...
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