Irish materials supplier withdraws offer for insulation specialist after being blocked by Irish regulator

Irish materials supplier Kingspan has dropped its offer for insulation specialist Leanort, which trades under the Xtratherm insulation brand, following the Competition Authority's decision to block the takeover.

Last month Ireland's Competition Authority said it was vetoing the £59.5m takeover on the grounds it would reduce competition in the Irish insulations materials market.

At the time of the decision Kingspan said it would consult it lawyers before deciding whether to appeal. Today it announced it withdraw from the acquisition.