American Toxxic Forced to Delay Deal to Acquire Crosby & Overton : SCIENCE/TECHNOLOGY
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An agreement by Newport Beach-based American Toxxic Control to acquire Crosby & Overton of Long Beach for $19 million has been postponed for an indefinite period.
American Toxxic, a toxic materials and hazardous waste management company, said the deal was postponed because it has been unable to raise all the funds needed to finance the acquisition.
Lou Purmort, American Toxxic’s chairman and chief executive, said the firm is attempting to obtain “more favorable financing” for the acquisition, which was originally announced in April, 1987. Another reason for the delay in completing the deal was American Toxxic’s decision to convert from private to public ownership.
Crosby & Overton is a toxic-service company.
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