DULUTH, Ga. (News release) -- Iconex and Hansol Paper announced that the companies are withdrawing from their definitive agreement signed November 2, 2018, under which Iconex would have acquired Schades and R+S from Hansol Paper. This decision, reached by mutual agreement between the parties, is due to the ruling of The United Kingdom's Competition and Markets Authority (CMA) to move the approval process for this transaction to Phase 2. This allows the UK CMA an additional six months to reach a decision, which was deemed to be too long of a delay by both parties.
The parties believe that the proposed transaction met the relevant legal criteria for approval in the UK, and that it was in the best interests of our customers, employees and the marketplace in the United Kingdom and beyond. This UK CMA decision was unexpected by both parties given that the European Commission cleared the deal earlier this spring. Like elsewhere in Europe, the UK market is highly competitive with a significant number of players.
"The quality of the Schades and R+S asset base is outstanding, and the combination of these companies would have been a 'win-win' for our customers, associates and the market, more broadly," said Craig Gunckel, chief executive officer of Iconex. "While this is a disappointing outcome, we appreciate the significant efforts of all those who worked tirelessly on this project."
"Hansol has continued confidence in our Schades and R+S businesses and with the strength of Hansol Paper and our European Label converting businesses, Telrol and Kolibri, we continue to be the market leader for receipts and label solutions in Europe," said Sang Hun Lee, CEO of Hansol.
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