Could not clear regulatory hurdles in viable way (Il Sole 24 Ore Radiocor) - New York, 18 Sep - Portable-building companies Willscot Holdings and McGrath Rentcorp have terminated a merger agreement worth around 3 billion dollars by mutual consent.

As a result of the termination, Willscot will make a cash payment to McGrath to the tune of a previously agreed amount of 180 million dollars within three business days, Willscot said in a filing.

Under the original deal Willscot would have acquired McGrath.

Willscot said the companies could not find a "commercially reasonable path" to clear regulatory hurdles.

"Despite extensive and exhaustive engagement with the US Federal Trade Commission over several months, in recent weeks, it became evident that the path to regulatory clearance would be excessively onerous," Willscot said.

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(RADIOCOR) 18-09-24 17:07:30 (0526) 5 NNNN