Building materials group Kingspan has withdrawn from its proposed acquisition of insulation board manufacturer Xtratherm.
Kingspan had agreed in June to buy Ireland and UK-based Hytherm/Xtratherm for €87m but last month was refused clearance by the Competition Authority.
The company said then it was consulting with the vendors over the authority's decision and would consider whether to appeal to the high court.
'Kingspan and the owners of Leanort Limited have mutually agreed not to proceed with the proposed acquisition of the Hytherm/Xtratherm businesses by Kingspan,' a statement from the Co Cavan-based company said.
Kingspan shares closed 16 cent lower at €16.30 in Dublin this evening.
