Receipt Paper Merger Dropped Amid UK Probe

Law360 (June 18, 2019, 7:32 PM EDT) -- Receipt paper and label maker Iconex LLC dropped a planned deal on Tuesday to purchase a pair of suppliers from Hansol Paper after the U.K.'s competition enforcer raised concerns about the move last week.

Iconex and Hansol Paper have mutually agreed to withdraw Iconex's planned purchase of Schades and R+S, which both supply lightweight thermal paper rolls and labels. The U.K.'s Competition and Markets Authority said June 10 it was concerned the deal would leave too few competitors in the country and that it would recommend the deal for an in-depth review if the companies couldn't address its worries.

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