LP-Ainsworth deal delayed again
It's the timing agreement that just won't quit.
Louisiana-Pacific Corporation and Ainsworth Lumber Co. announced Friday that they were extending the outside date for completion of the acquisition -- a third time.
LP's acquisition of Ainsworth was most recently scheduled to be completed by April 18, but that deadline has now been pushed back to June 2, 2014.
The extension was made to give more time for review with the Canadian Competition Bureau and the Antitrust Division of the U.S. Department of Justice.
The $1.1 billion deal, which seeks to boost LP's market position via Ainsworth's access to international growth markets at a critical period in the housing recovery, had been announced in September 2013. However, the waiting period was extended first in November after the DOJ requested additional information from the companies, and again in February to make time for further regulatory reviews.